$NG_F Possible bottom intermediate term. Action in the next few days will be key...
WLT and UNG tend to diverge, and now its WLT to move higher now that its not that cold anymore?
I'm tracking a new channel in natural. As you can see the channel is holding but I'm not a buyer just yet. Waiting to see if this trend confirms.
www.stocksetups.com UNG longer term setup:
Looks like a double bottom in UNG. I'm bullish here. Looking for minimum 5% up side in the near term.
After a 63% run from the bottom UNG natural gas could have more room to the upside.
Thinking with things heating up in Iran and with Iran being one of the top global natural gas producers, Monday may be the time to add some Natural Gas to the portfolio.
Assessing Elliot wave status for UNG - currently appears to be starting wave 3 of 3 of 3 in bull trend.