Three ETFs To Watch This Week (TLT, UNG, URA) [United States Natural Gas Fund, LP, iShares Barclays 20+ Yr Treas.Bond (ETF), Global X Funds]

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March 26, 2014 1:15pm NYSE:TLT NYSE:UNG

market outlookMorpheus Trading: Since putting in a double bottom type pattern at the beginning of the year, iShares Long-Term T-Bond ETF (NYSEARCA:TLT) has rallied off the lows and formed a bullish consolidation pattern above support of its rising 10-week moving average:


$TLT Bullish reversal

Notice the 10-week moving average has crossed above the 40-week moving average, which signals a potential bullish reversal of long-term trend. However, to confirm the reversal, $TLT will have to break out above the highs of the current range and hold.

In case the buy signal occurs sooner rather than later, we have added $TLT to today’s ETF Watchlist as a potential buy entry.

After a sharp multi-week rally, most commodity ETFs are now in pullback mode.

(NYSEARCA:UNG), which tracks the price of natural gas, has so far pulled back in bullish fashion, with volume dropping below average over the past few weeks. We look for support to hold around the $24 level, then quickly return back above the rising 10-week moving average:

$UNG light volume pullback to the 10-week MA

Global Uranium ETF (NYSEARCA:URA) is also in pullback mode, after a 20% rally in two weeks from 2/24 to 3/5. Volume was very strong on the rally, which suggests that there should be more upside once the current consolidation ends:

$URA light volume pullback to the 10-week MA

With $URA, the rising 10-week moving average provides a logical support level at $17. Like $UNG, the volume has tapered off the past two weeks in $URA, which is a bullish sign.

This article is brought to you courtesy of Morpheus Trading, LLC.


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