In overnight and pre-market trading, nearby United States Natural Gas (UNG) has extended its climb off of yesterday's low at 3.284, to a high so far today at 3.397, which has left behind a potentially significant week-long double bottom. A climb that sustains above Tuesday’s high at 3.450 will confirm the double bottom.
That will trigger projections to 3.600-3.640 in a show of renewed strength that indicates a major correction indeed has ended, and that a new upleg in the larger April, 2012, to present bull move has commenced.
Of course, the market's reaction to this morning's inventory report certainly will have something to say about near-term price direction.
Purely from the technical set-up, the market has the right look of a meaningful upturn, which could be winking at us about the anticipated knee-jerk response to the data at 10:30 AM ET.