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By Mike Paulenoff, www.MPTrader.com
Although my next optimal near-term target zone in the U.S. Natural Gas Fund ETF (AMEX: UNG) is 49.50-50.00, the larger pattern is so bullish and has so much upside potential that I will not be surprised to see the price structure accelerate to the upside in a vertical assault on the 56.00 to 58.00 measured intermediate-term target zone. Frankly, I am eyeballing 50.00 as a viable exit area for my current long (model portfolio) position, but if and when we approach the nearest-term target, I will assess the two-way risks of NOT taking profits sooner rather than later. In the meantime, as we speak the UNG is pushing up against yesterday's high at 48.12, which should be hurdled and should trigger the upmove to 50.00.
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!
