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Is Natural Gas Pullback Over?


Natural Gas continues to press lower after yesterday's spike to a new rally peak at 4.495.

Let's notice that price has taken out yesterday's low (4.316) ever so marginally at 4.315 in pre-open action, but so far, there has been no downside follow-through.

The ability of Natural Gas to hold 4.315 during the first two hours of trading will increase the likelihood that the correction off of yesterday's high at 4.495 is complete, and that the establishment of a new (partial) long position in the United States Natural Gas (UNG) is warranted ahead of the initiation of a new upleg.

For the time being, I am keeping my entry parameters into the UNG the same as yesterday's.

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