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Natural Gas in Completed Bottoming Formation


Monday February 9th, 2009
Natural Gas in Completed Bottoming Formation
by Mike Paulenoff www.MPTrader.com
Natural Gas in Completed Bottoming Formation
By Mike Paulenoff, www.MPTrader.com

The daily chart of the U.S. Natural Gas Fund ETF (NYSE: UNG) argues strongly that the price structure has completed a rounded 2-3 week bottoming formation that should propel prices towards a confrontation with the 6-month resistance line(s) at 21.20-22.00 in the upcoming hours/days. The UNG needs to hurdle and sustain above 22.40 to trigger more meaningful buy signals that will indicate that an intermediate-term low has been established.

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