Is Nat Gas Trying To Turn Up?

Natural Gas (UNG, UGAZ)-- last Friday afternoon we discussed NG and UGAZ, thinking and wondering if the intermediate and longer term patterns were indicating upside potential, finally, after years of sideways-to-lower price action? Last Friday afternoon, UGAZ was trading at 61.50 at the time of my post...

Let's notice on the enclosed UGAZ chart that price has popped 3.8% today, but more importantly from a technical perspective, the strength has cleared and sustained a one year down trendline-- so far. '

The down trendline cuts across the price axis this afternoon in the vicinity of 61.15. Let's see if UGAZ can close above the trendline, and maybe even preserve the bulk of its 4% early session gains, which will intrigue BOTH the shorts and the longs in Nat Gas ahead of this week's Inventory Report, Thurs. at 10:30 AM ET... Last in UGAZ is 64.17/22

8 07 18 UGAZ 4 hr 11 GIF
8 07 18 UGAZ 4 hr 11 GIF

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