Bullish Pennant or consolidation before the real move?I think we are going to consolidate for another few days until inventory. By then the weather will have changed (today is supposed to be the end of the predicted colder weather); and if the inventory drawn down is less than forecast, the price will drop out of the pennant and break the lines. This will be the time to be in D. IF that doesn't bear out (no pun) then we will see this go another week with continued consolidation and very slim margins to make any real money.
So for now, patience and buy D at the lower end of the range if you still have some dry powder.
I can't see a case for a breakout to U other than the technical forecasters that call this a bullish pennant because the inbound trend was up. That does work for technical analysts most of the time, hence the prediction, but good old natty gas doesn't work like GE or BMO or UTX.
My two cents.....GLTA.