Natural Gas futures price seems to be taking a good support at the level, from $2.992 to $3.017, a good resistive zone during its recent uptrend started since March 7th, 2017, has turned now into a good strong supportive zone. I predicted in my last analysis that a gap up opening on March 13th, 2017 may extends the expectations due to prevailing climatic changes and technical equations. Though, the price level has come down a little after touching a recent high of $3.087, but seems to be taking a good support at the supporting zone.On analysis of the movement of natural gas futures since the opening of March 13th, 2017 in different time zones, I find that this may be a last chance for the bears to cover their shorts because the possibilities of Nor'easter storm may be there during this week. Nor'easter is a storm that mainly affects the northeastern part of the United States. This may cause a major hike in demand of the natural gas in coming days. These possibilities may be felt in increasing demand in the movement of natural gas futures price on the charts too. A move above $3.088 and continuous sustenance of the natural gas price; and finally a closing above $3.147 on March 14th, 2017 will start a fresh trend once again.
Disclaimer: This analysis is purely based on the technical observations. I do not have any position in natural gas. One can create position in natural gas at his/her own risk
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