9/6/2012 Weekly Natural Gas Inventory Report (0430 HI time / 1030 EDT)
Started @ 2.823
1st Peak @ 2.866 – 0431 (1 min)
Reversal to 2.778 – 0448 (18 min)
Notes: Smaller than expected gain in supply from the forecast caused a medium sized long spike that ran into a brick wall at the R2 Pivot after crossing the R1 Pivot. Then it left most of the :31 bar wick naked and crashed further. The market was likely overbought in the very short term, and hitting the R2 Pivot was a catalyst for selling. With JOBB, after 10 ticks of slippage, you would have filled long at about 2.843 then had an opportunity to close as it slowly backed off of the R2 Pivot after hitting it twice for about 12 or so ticks. The reversal chopped lower, easily crossing the PP Pivot and 50 SMA, then struggling through the 100 and 200 SMA for 88 ticks in about 18 min.