The Potential For A Strong Breakout In The United States Natural Gas Fund, LP (UNG)

natural gasMorpheus Trading:¬†We have one new setup on today’s ETF watchlist in iShares Poland ($EPOL), which cleared the downtrend line of a six-month long base last week on an uptick in weekly volume.

$EPOL has pulled back in the past few days with the rising 10-day MA just below to provide support.

$EPOL pullback after base breakout

The moving averages are now all in order on the daily chart and pointing in the same direction, with the 20-day EMA recently crossing above the 50-day MA. There is quite a bit of support just below the 10-day MA, with the 20 and 50-day MAs in the $30 – $30.30 range

Please see trade details on the watchlist above.

Natural Gas ETF (NYSEARCA:UNG) may look a little sloppy on the daily chart, but the weekly and monthly charts are in good shape so far. If the weekly chart of $UNG below can hold above the last swing low ($23.85) and chop around for a week or two, then a break above the weekly downtrend line could potentially lead to a strong breakout.

Pages: 1 2

Leave a Reply

Your email address will not be published. Required fields are marked *