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By Mike Paulenoff, www.MPTrader.com
Natural gas futures are up about 3.5% this morning, strength that is in sympathy with the rest of the commodity complex, such as gold, oil and the euro, which is attracting money flow on this first trading day of 2008. Purely from a technical perspective, let's notice that the U.S. Natural Gas Fund (AMEX: UNG) has started the session (and the year) with a powerful up-gap open, and has continued still higher -- towards a confrontation with the declining 50 DMA, now at 37.98. At this juncture, my work points higher, to a next target zone of 38.00/40.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
