Natural Gas Bottom
AMEX:UGAZ VELOCITYSHARES 3X LONG NATURAL GAS ETN LINKED TO THE S&P GSCI NATURAL GAS INDEX
Natural Gas dropped on the pattern and has met its measured target. This should be the bottom for a little while, I'm not sure how high it will go, but most likely it will rally back up to test the break down of the around $15 where a bunch of weak longs are willing to sell just to break even on their poor entry. Now if price refuses to drop lower and balances side ways between the levels, then it will go higher. For now we have a low risk entry /high reward trade anywhere near these lows with a stop loss at $8.50.