AMEX:UNG   UNITED STATES NATURAL GAS FUND LP UNIT (POST REV SPLIT)
27 views
1
27 1
UNG has reached Fibonacci support in this decline, however wave iii could continue to extend as low as 5.61/5.22 before bouncing in a corrective fashion. IF the decline continues, resistance should be lower for wave iv and (iv) targets.
Positive divergence on MACD does NOT indicate imminent bounce in price under these circumstances, but a corrective bounce would not surprise.

Related Ideas

Watching for reaction of this 1.618 extension today. Bounce into resistance is possible, but a breakdown below my trend lines, particularly below UNG 5.60, indicates further downside to be seen. I do NOT recommend new shorts here as reaction off pattern lows may be significant, when complete.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out