MIKE PAULENOFF'S ETF TRADING DIARY
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.
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