Natural Gas ETF Reverses - Mid-Day Minute for Thu May 22nd 2008

May 22

Natural Gas ETF Reverses

by Mike Paulenoff, Thu May 22nd, 2008

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Natural Gas ETF Reverses
By Mike Paulenoff, www.MPTrader.com

After coming within about $0.30 of getting stopped out this morning on the US Natural Gas ETF (AMEX: UNG), lower-than-expected natural gas inventories reversed price direction, which rocketed the price structure to new highs at 56.42. With today's spike low at 54.67, and yesterday's spike low at 54.42, we know where the stops belong. As for the upside potential from current levels, my overall technical work indicates that the UNG still has more upside ahead, into the 57.00 target zone next -- as long as 54.67/42 support remains intact.

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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