This morning’s better-than-expected natural gas inventory data spiked the U.S. Natural Gas Fund ETF (NYSE: UNG) from around 12.25 to 12.64 before the buyers ran out of energy.

The spike to 12.64 reaffirms the key resistance plateau between 12.65 and 12.80, which continues to put a lid on the market – and leaves open a scenario that calls for yet another downleg into new low territory projected between 11.80 and 11.20. I am still looking to start a new long position either at new lows (11.88) or on a breakout above the market at 12.80.

By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of

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