• 785 days Will The ECB Continue To Hike Rates?
  • 785 days Forbes: Aramco Remains Largest Company In The Middle East
  • 787 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,187 days Could Crypto Overtake Traditional Investment?
  • 1,192 days Americans Still Quitting Jobs At Record Pace
  • 1,194 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,197 days Is The Dollar Too Strong?
  • 1,197 days Big Tech Disappoints Investors on Earnings Calls
  • 1,198 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,200 days China Is Quietly Trying To Distance Itself From Russia
  • 1,200 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,204 days Crypto Investors Won Big In 2021
  • 1,204 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,205 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,207 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,208 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,211 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,212 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,212 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,214 days Are NFTs About To Take Over Gaming?
Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

Mike Paulenoff

Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com, a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies,…

Contact Author

  1. Home
  2. Markets
  3. Other

Natural Gas Heats Up

The U.S. Nat Gas Fund ETF (UNG) was up for most of the session Friday, closing flat, while the U.S. Oil Fund ETF (USO) closed down more than three-quarters of a percent. My pattern work is warning me that crude oil prices are peaking, but that natural gas prices are bottoming. Could that actually happen?

I have been in this business long enough not to doubt what I think the charts are telling me. With that in mind, let's have a look at the pattern that continues to develop in the UNG. The UNG closed more than 40 cents off its intraday low and was threatening intraday to hurdle key micro resistance at 15.02 on the way to revisit its prior rally peak at 16.10. If such a scenario unfolds, then a hurdle of 16.10 will be considered extremely bullish and should trigger upside acceleration towards 17.75-18.00 thereafter.

At this juncture, only a sudden downside reversal and break of 14.00 will begin to compromise my current outlook.

 

Back to homepage

Leave a comment

Leave a comment