Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

Natural Gas ETF Points Lower

Natural Gas ETF Points Lower
By Mike Paulenoff, www.MPTrader.com

Yesterday's up-gap spike to new highs above 55.00 in the U.S. Natural Gas Fund ETF (AMEX: UNG) followed by a close near the low of the session, which then was followed by a gap down opening this morning and a plunge to the 52.00 area, not only satisfied a multi-month upside swing target off of the Sept-Dec '07 base formation but it also left behind (for now) an exhaustion Island Reversal at the very top of the advance. Usually, such an exhaustion signal identifies a significant price peak and a near-term reversal in trend direction. Such is the case in the UNG, which now points lower towards 50.00 next, on the way to 48.00 thereafter.

  • 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!