Natural Gas has stalled right below key resistance at 4.59 and 4.62, which must be hurdled to trigger signals that an important base pattern is complete, and that Natural Gas is heading for 5.00.
The stall, in and of itself, is not bad, but might be a sign that Natural Gas needs a bullish catalyst to take out the 6-week resistance plateau?
Tomorrow is the next inventory data point, which certainly has the potential to be such a catalyst.
The Street is expecting a built-in supply of 14.4 BCF, compared with a draw the prior week of 74 BCF.
For the time being, I remain long the United States Natural Gas (UNG).