Sunday, May 10, 2009

Natural Gas - Technicals Turn Bullish



UNG (Natural Gas) was up 22.95% last week putting in one of its most bullish weeks since this ETF began trading 2 years ago.

Above is a daily chart of UNG and I think it's very clear that the downtrend line has been broken. This is a very significant trendline and the fact that this ETF has broken this trendline on record volume is a very good sign that a trend change has taken place. I think we can expect to see higher prices in the weeks to come especially if the crude oil rally continues.

1 comment:

C. Keddy said...

Good information. Thanks for the good news and chart.

C. Keddy

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