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Natural Gas UNG ETF Oversold

Commodities / Natural Gas Mar 12, 2009 - 01:29 PM GMT

By: Mike_Paulenoff

Commodities Best Financial Markets Analysis ArticleMy near, intermediate, and longer-term work in the U.S. Natural Gas Fund ETF (NYSE: UNG) is so oversold and is screaming for a very powerful recovery rally period that should propel prices to a minimum of 20.00 and more than likely to 25.00 in the upcoming days/weeks. The enclosed chart pattern argues strongly that the most recent downleg from the 1/06 high at 25.98 ended this morning at a new bear market low of 15.48, and that a recovery rally period is in its initial stages.


First target is 16.80, then 17.30, and then a test of the prior rally peak at 17.95 ... which if hurdled will trigger very significant near-term buy signals.

Sign up for a free 15-day trial to Mike's ETF Trading Diary today.

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

aa
08 Aug 09, 00:47
ung

what's the pinbrain have to say now that it's 5 months later and ung is at 13?


a
04 Sep 09, 01:21
UNG

" UNG) is so oversold and is screaming for a very powerful recovery rally"

now that it's down to 9 are you sure it was screaming?


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