A Head Fake in Natural Gas?

A larger than expected build in Natural Gas inventories (+105 vs. expected +99 BCF) initially spiked prices to a new low at 4.289 for the downleg that started at the April 30 recovery high at 4.851.

However, that is where buyers emerged, who have rocketed nearby Natural Gas into positive territory, and 4.2% above the intraday low.

Right now, today's action-- bad news creating a buying opportunity-- has the makings of a key upside-reversal day, which also could be considered the second coordinate of a larger-developing major double-bottom formation within the Feb-May base pattern.

Let's see if Natural Gas can hold its gains into today's final two hours of trading.

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