Potential Double-Bottom for Natural Gas - Mid-Day Minute for Mon November 24th 2008

Nov 24

Potential Double-Bottom for Natural Gas

by Mike Paulenoff, Mon November 24th, 2008

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Potential Double-Bottom for Natural Gas
By Mike Paulenoff, www.MPTrader.com

Let's notice that the action during November in the US Natural Gas Fund ETF (AMEX: UNG) has created a potential double bottom formation. That said, however, purely from a technical perspective, the price structure must hurdle and sustain above 28.70 to trigger the upside potential of the pattern, which would project to the 31.00 target zone. A climb above 28.70 also will position the price structure to break the back of the November downtrend, now at 29.25.

Chart

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!

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