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MPTrader Mid-Day Minute
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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. For more of Mike Paulenoff, sign up for a Free 15-Day Trial to his ETF Trading Diary. |
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