Thursday, July 28, 2016

Natural Gas (UNG): Well That Wasn't Unexpected, But Today Was Absurd

I've been mentioning a lot lately how much I though Natural Gas ETF (UNG) was in a cup-and-handle formation and today it rose 7.30%. This was a very bullish development on strong volume. It stopped right at a resistance level I previously identified, around $8.50. I've identified the channel quite well which now has two taps on the lower support line so I expect some serious upside movement from here once it gets above $8.50. All my indicators have turned over bullishly too so today's movement should get a lot people taking a long look at UNG.