Significant Near-Term Bottom for Natural Gas

By: Mike_Paulenoff

This afternoon's spike to the upside in the U.S. Natural Gas Fund (AMEX: UNG) has imbued the near-term chart structure with the look of a potentially significant near-term bottom (37.00-34.00). A sustained upside hurdle of last Thurday's rally peak at 37.40 should triggered upside follow-through to the 40.00-40.40 area initially, and possibly to 42.00 thereafter as the price structure fulfills its "destiny" off of the three-week base pattern.

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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

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