8/2/2012 Weekly Natural Gas Inventory Report (0430 HI time / 1030 EDT)
SPIKE / REVERSE
Started @ 3.089
1st Peak @ 2.956 – 0431 (1 min)
Reversal to 3.020 – 0455 (25 min)
Notes: Greater than expected gain in supply from the forecast caused a large short spike over 2 bars. This was the second largest 1st peak in the last 6 months. The market was in a downtrend before the report, so all of the SMAs were above the market action. The spike only crossed the S2 Pivot, with no other point of support in sight, even cutting through the 3.000 level with ease. The reversal reclaimed 64 ticks in 25 min before it slowly fell to seek out a double bottom.