NATURAL GAS : Inventory Expectations and the Technical Picture
Inventory injection expectations for 7.30.09, running 73 bcf vs 68 bcf last yr. and a 51 bcf 5 yr. avg. Pls see NG Storage, 7.29
Technically Natty looks pretty vulnerable , after the spot mo found c=a support at 3.295 on the way down, it's retraced 50% of the spot move down at this mornings highs. Looks like a little abc up as well. So far that little anemic abc up this morning probably telling us something...like new lows are next on the menu. But if that was a b wave down at 3.30 and this the beginning of a c up, it will equal .618 of the a wave (3.22 to 3.91) at 3.72.
Previous lows are now 3.295, 3.225, and 3.155. On the spot chart this move down will = .618 of the waves 1 thru 3 @ 3.04.