Jun 142012

NG 07 12 (1 Min) 06.14.12

6/14/2012 Weekly Natural Gas Inventory Report (0430 HI time / 1030 EDT)
Forecast: 55B
Actual: 67B
Started @ 2.208
1st Peak @ 2.350 – 0432 (2 min)
142 ticks

2nd Peak @ 2.465 – 0631 (121 min)
257 ticks (2x top)

Reversal to 2.417 – 0730 (180 min)
48 ticks

Notes: Medium offset in the supply gain to exceed the forecast caused a surprising large long spike that triggered a long term rally in to a FAN. With all the SMAs near the origin and the market trading in a tight range previously, the 31 bar crossed the R1,R2, and R3 Pivots. The market must have been look for an excuse to rally in the long term and used the storage report as a catalyst. The reversal reclaimed 48 ticks in an hour after the top of the FAN, but after the reversal, the market continued to rally for several more hours.