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Secondary Bottom in Place?
Since our earlier discussion, Natural Gas has hurdled its nearest-term resistance line.
Now we have to see if it can sustain the gains, and continue higher to test the Oct 1 high at 3.653.
Natural Gas is climbing this morning towards a test of its Sep-Oct resistance line, now at 3.595, which if hurdled and sustained, should trigger upside continuation towards a test of more important resistance at the Oct 1 recovery high at 3.653.
Conversely, a failure to hurdle the resistance line followed by a decline that violates last week’s low at 3.482 will point United States Natural Gas (UNG) lower, towards a test of more important support at the 9/26 low of 3.402.
