UNG Wyckoff Accumulation Pattern
United States Natural Gas Fund appears to be in the process of heading into the Back Up(BU) phase of a Wyckoff Accumulation pattern after levelling off in the $7 area after seeing a ~75% decline from the August '22 high near $35. There is also an ascending triangle pattern forming in phases C and D which tend to result in higher prices as UNG puts in a series of higher lows. What we want to see as a sign of strength going forward is for price to move above the upper blue line of the triangle pattern and follow the trajectory of the orange arrow which represents the anticipated path for price.
I've been in UNG since 7/20 with a buy price of $7.36. Current stop-loss order is at $6.61. No upper price target for now, just watching and waiting to see if price can break above the short-term resistance level at the upper triangle line near $7.85.
I've been in UNG since 7/20 with a buy price of $7.36. Current stop-loss order is at $6.61. No upper price target for now, just watching and waiting to see if price can break above the short-term resistance level at the upper triangle line near $7.85.