The daily chart of the U.S. Natural Gas Fund ETF (NYSE: UNG) argues strongly that the price structure has completed a rounded 2-3 week bottoming formation that should propel prices towards a confrontation with the 6-month resistance line(s) at 21.20-22.00 in the upcoming hours/days. The UNG needs to hurdle and sustain above 22.40 to trigger more meaningful buy signals that will indicate that an intermediate-term low has been established.
The Mid-Day Minute
Natural Gas in Completed Bottoming Formation
Tue, Feb 10 2009, 06:07 GMT
by
Mike Paulenoff
- MPTrader.com
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