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Upside Reversal in Natural Gas UNG ETF

Commodities / Natural Gas Aug 21, 2009 - 01:01 PM GMT

By: Mike_Paulenoff

Commodities

The morning’s low in the U.S. Natural Gas Fund ETF (NYSE: UNG) was followed by an hourly upside reversal in the form of a big “green” candle that spanned 11.33 to 11.74. That upmove represents the largest hourly concentration of buying since August 13 and is a conspicuous entry on the near-term chart picture.


Let’s also notice that since the big up-candle, the UNG has held its gains above 11.60. The ability of the UNG to climb and hold above 11.75 into the closing bell will indicate that a significant near-term low was established this morning at 11.29. The initial upside target zone is 12.00-12.10, which if hurdled should trigger upside continuation to 12.50.

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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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Comments

Tony Padula
21 Aug 09, 19:20
Technicals mean nothing in reagrds to LNG

Put away your analysis - it won't do anyone any good in regards to LNG.

I've looked at the history, news, and daily price charts going back to 1994 - and theres no point fighting it - LNG is going to test the $2.01 mark in the next week or so (no later than Sept 15th) The Manipulators (Big Boys) are going to push through every other fake resistance point until it hits this magic $2 number - It will be hit on the OCT contract and hover there for several weeks.

This is where the Big Oil/Gas Companies need to have the LNG price be at in order to squash the smaller heavily financed producers into submission. It already started in Canada. The M&A activity will go through the roof in OCT/NOV/DEC as these smaller players look to find white knights to get them out of this hell (operating loss - due to below cost prices) they find themselves

in.. Starting JAN 2010 the price of LNG will make its way back up to $4 dollars and shoot to $8 by DEC 2010. And the now even bigger players will rake in huge profits for decades without breaking a sweat. This also explains why the bigger company names have not cracked as the price of LNG has crashed - because the insiders all know what's

really going on... the 20 year plan... And it helps to have Politicians on there side scrutinizing EFTs like

GAZ and UNG - because (the retailers optimism which would keep the price above $4 would have hurt those monopoly plans). Call me crazy 6 months from now when all of this doesn't play out as I prophetized here.... I hate to have to say these things - because left alone to the natural

laws of the market - LNG would be at $5 today just like Oil is at $73 - but alas there's another plan for LNG in play here... See you at $2.00...


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