NG 06 12 (1 Min) 05.17.12

5/17/2012 Weekly Natural Gas Inventory Report (0430 HI time / 1030 EDT)
Forecast: 25B
Actual: 61B
SPIKE WITH 2ND PEAK
Started @ 2.562
1st Peak @ 2.528 – 0432 (2 min)
34 ticks

2nd Peak @ 2.507 – 0513 (43 min)
55 ticks

Reversal to 2.547 – 0556 (86 min)
25 ticks

Notes: Spike crossed no major SMAs, but the S1 Pivot was at the origin of the :31 bar. With a decent gain in supply and large delta from the expected gain, the market was forced short for a prolonged period going for 2 lower peaks and failing to reverse and sustain a rebound for quite some time.