Significant Intermediate-term Bottom for Natural Gas? - Mid-Day Minute for Wed November 26th 2008

Nov 26

Significant Intermediate-term Bottom for Natural Gas?

by Mike Paulenoff, Wed November 26th, 2008

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Significant Intermediate-Term Bottom in Natural Gas
By Mike Paulenoff, www.MPTrader.com

Could it be? That today's action in the US Natural Gas Fund ETF (AMEX: UNG) represents another coordinate low within a series of lows that will comprise a significant intermediate-term bottom? So far, that is exactly what appears to be unfolding. On a daily chart (not shown), today's upmove has the makings of a key upside reversal day, the first such very positive technical indication on a daily chart basis since the bottoming action started on November 14. Nonetheless, to REALLY get anything going on the upside, the price structure must hurdle and sustain above 28.60/80 resistance, which should trigger upside follow-through towards my next optimal target of 30.50-31.00.

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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