7/6/2012 Weekly Natural Gas Inventory Report (0430 HI time / 1030 EDT)
SPIKE / REVERSE
Started @ 2.906
1st Peak @ 3.025 – 0431 (1 min)
Reversal to 2.907 – 0433 (3 min)
Notes: Smaller than expected gain in supply from the forecast caused a large long spike after a 12 tick short move in the wrong direction. As today was the first test of the $3 level in a few months, it reversed strongly giving it all back on the :33 bar. All 3 SMAs were crossed before the halfway point of the :31 bar, and 4 Pivots from the S1 to the R2 were crossed. After the reversal, it bounced back up and chopped +/- 30 ticks on either side of the 200 SMA.