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The morning’s low in the U.S. Natural Gas Fund ETF (NYSE: UNG) was followed by an hourly upside reversal in the form of a big “green” candle that spanned 11.33 to 11.74. That upmove represents the largest hourly concentration of buying since August 13 and is a conspicuous entry on the near-term chart picture. Let’s also notice that since the big up-candle, the UNG has held its gains above 11.60. The ability of the UNG to climb and hold above 11.75 into the closing bell will indicate that a significant near-term low was established this morning at 11.29. The initial upside target zone is 12.00-12.10, which if hurdled should trigger upside continuation to 12.50.
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!
