“The up move in the S&P 500 has been natural resource and basic materials related, and natural gas should be a beneficiary. My near- and intermediate-term pattern and momentum work argue strongly that the US Natural Gas Fund ETF (NYSE:UNG) is in the midst of a significant recovery rally period that has as its optimal target zone 6.20/40 and its “outlier” target zone 6.75-6.90,” Mike Paulenoff Reports From MP Trader.
Paulenoff goes on to say, “At this juncture, only a resumption of weakness that takes out the “tres” lows at 5.40, 5.27 and 5.20 will wreck the current, constructive technical set-up.” See Mike Paulenoff’s detailed chart below on the U.S. Natural gas ETF (NYSE:UNG).
Take a look at our category on the ETF for more in-depth articles below:
U.S. Natural gas ETF (NYSE:UNG) Visit Our (UNG) Category: HERE