Correction in Natural Gas Complete?

The truth be told, I am very surprised so far today that natural gas has managed to bounce off of its corrective new low at 3.971 to 4.000. I am expecting natural gas to press a bit lower, into the 3.90-3.83 support/buy window prior to pivoting to the upside into a new upleg.

Be that as it may, however, if natural gas manages to climb above 4.07 on a sustained basis, I will be compelled to enter an initial new, long position at that time, thinking that the correction off of 4.44 is complete.

With the foregoing in mind, I remain on the sidelines, looking to enter a new long position in the United States Natural Gas (UNG) either below 21.25, or above 22.12.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!