NYMEX:NGX2013 NATURAL GAS FUTURES
A reversal plunger bar formed on the 26 Sept 2013. The bar also entered inside the (0.618-0.764) Fib buy window: a good sign for the bulls. The weekly EIA natural gas report was issued the same day http://ir.eia.gov/ngs/ngs.html showing a net storage increase from the previous week. This pushed the price down to 3.450 but by the end of the trading day the price was able to regain strength. Normally this kind of price action, in particular if associated to report or news, is a signal that the selling pressure is exhausted and the market will start to rally. We can see on the horizon a forming. This market has a strong seasonal tendency to bottom in July/August and peak in December.