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My near-term pattern work in the U.S. Natural Gas Fund ETF (NYSE: UNG) indicates that 1) the upmove from the double bottom at 12.69 exhibits bullish form into today’s high at 15.09, and 2) that the initial upleg of a very powerful recovery advance has started – that should climb into the 15.25/50 area at most before the UNG should enter a downside corrective move. If such a scenario unfolds, then the next loop down, from 15.40 (for example) to 14.00 (let’s say) should set up an extremely bullish entry window ahead of a vertical liftoff towards 18.00.
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!
