Natural Gas Pattern Still Constructive - Mid-Day Minute for Wed August 27th 2008

Aug 27

Natural Gas Pattern Still Constructive

by Mike Paulenoff, Wed August 27th, 2008

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Natural Gas Pattern Still Constructive
By Mike Paulenoff, www.MPTrader.com

Purely from a technical perspective, U.S. Natural Gas Fund (AMEX: UNG) weakness after its pre-open high at 41.00 to 38.91 represents a "gap-filling" expedition"' -- at least, so far. The fact that selling pressure filled the entire up-gap this morning and then buyers re-emerged to push up prices to 39.62, as we speak, warns us that the action is a correction within an underlying advance off of Monday's low at 35.67. As of this moment, the UNG pattern remains constructive within the overriding bullish potential indicated by hurricane Gustav.

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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