Natural Gas Continues To Form A Bullish Pattern [United States Natural Gas Fund, LP(NYSEARCA:UNG)]

natural gasMorpheus Trading:  Stocks closed in negative territory on Tuesday with small losses across the board in the major averages. Although it was an uneventful day for the averages, it was an explosive day for one of our stock holdings, as Tesla Motors Inc(NASDAQ:TSLA) ripped 16% higher on big volume. We remain long from our December 31 entry of $148.76, giving us an unrealized gain of +66% so far.

First Trust ISE Revere Natural Gas (ETF)(NYSEARCA:FCG) continues to form a bullish pattern on the daily chart, finding support off the 10-day MA and closing off the lows of the session on Tuesday. We look for the action to hold above the rising 20-day EMA as it consolidates before breaking out to new 52-week highs.

The target area for $FCG is around $23, which is the prior high of 2011 on the monthly chart below. Note the tight price action the past few months as $FCG held above the rising 10-month moving average:

$FCG FLAT BASE BREAKOUT

iShares S&P Global Infrastructure Index(NYSEARCA:IGF) recently broke out from a

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