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Significant Near-Term Bottom for Natural Gas


Significant Near-Term Bottom for Natural Gas
By Mike Paulenoff, www.MPTrader.com

This afternoon's spike to the upside in the U.S. Natural Gas Fund (AMEX: UNG) has imbued the near-term chart structure with the look of a potentially significant near-term bottom (37.00-34.00). A sustained upside hurdle of last Thurday's rally peak at 37.40 should triggered upside follow-through to the 40.00-40.40 area initially, and possibly to 42.00 thereafter as the price structure fulfills its "destiny" off of the three-week base pattern.

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