I believe at this point the $3.50 level is going to be a bit of a “ceiling”, and therefore you should pay attention to it. If we rally towards that area and show signs of exhaustion, that is a clear selling signal. If we show signs of exhaustion at the top of the gap, that’s a nice selling opportunity as well. The alternate scenario is that we break down below the hammer for the week, but that seems very unlikely.
This article was originally posted on FX Empire
The United States Natural Gas Fund L.P. (UNG) was trading at $24.39 per share on Monday afternoon, down $0.70 (-2.79%). Year-to-date, UNG has gained 4.59%, versus a -3.87% rise in the benchmark S&P 500 index during the same period.
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