Natural Gas ETF (UNG) Spikes Higher to Key Resistance
Commodities / Natural Gas Jul 09, 2009 - 12:01 PM GMTBy: Mike_Paulenoff
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.
Sign up for a free 15-day trial to Mike's ETF Trading Diary today.
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
Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction
© 2002-2009 MPTrader.com, an AdviceTrade publication. All rights reserved. Any publication, distribution, retransmission or reproduction of information or data contained on this Web site without written consent from MPTrader is prohibited. See our disclaimer.
Mike Paulenoff Archive |
© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.
