Natural Gas Oversold - Market Analysis for Mar 12th, 2009

Natural Gas Oversold
By Mike Paulenoff, www.MPTrader.com

My near, intermediate, and longer-term work in the U.S. Natural Gas Fund ETF (NYSE: UNG) is so oversold and is screaming for a very powerful recovery rally period that should propel prices to a minimum of 20.00 and more than likely to 25.00 in the upcoming days/weeks. The enclosed chart pattern argues strongly that the most recent downleg from the 1/06 high at 25.98 ended this morning at a new bear market low of 15.48, and that a recovery rally period is in its initial stages. First target is 16.80, then 17.30, and then a test of the prior rally peak at 17.95 ... which if hurdled will trigger very significant near-term buy signals.


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