Natural Gas Gaps Higher

By: Mike_Paulenoff

Natural gas futures are up about 3.5% this morning, strength that is in sympathy with the rest of the commodity complex, such as gold, oil and the euro, which is attracting money flow on this first trading day of 2008. Purely from a technical perspective, let's notice that the U.S. Natural Gas Fund (AMEX: UNG) has started the session (and the year) with a powerful up-gap open, and has continued still higher -- towards a confrontation with the declining 50 DMA, now at 37.98. At this juncture, my work points higher, to a next target zone of 38.00/40.

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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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