Natural Gas ETF (UNG) Spikes to Key Resistance - Mid-Day Minute for Thu July 9th 2009

Jul 09

Natural Gas ETF (UNG) Spikes to Key Resistance

by Mike Paulenoff, Thu July 9th, 2009

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This morning’s better-than-expected natural gas inventory data spiked the U.S. Natural Gas Fund ETF (NYSE: UNG) from around 12.25 to 12.64 before the buyers ran out of energy. The spike to 12.64 reaffirms the key resistance plateau between 12.65 and 12.80, which continues to put a lid on the market – and leaves open a scenario that calls for yet another downleg into new low territory projected between 11.80 and 11.20. I am still looking to start a new long position either at new lows (11.88) or on a breakout above the market at 12.80.

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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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