UNG may have bottomed...
Updated
From the chart we see a near perfect hit of a 1.27 extension of an impulse wave in the 11.5 region which may have marked a bottom in Natural gas, I say this because in recent weeks we are not seeing a pattern of lower highs and lower lows take hold. Furthermore there has been aggressive buying in related stocks such as SWN and RRC which may be an early indication of a change in the market trend. Using a Fibonacci trend based timing tool (horizontally w/ regard ot time as opposed to vertically for price) we see had relevance in predicting price reversals (from the 1 marked with a long vertical line in the graph) we are coming up on the 1.27 this Monday, it will be very interesting to see how the next few weeks play out.
Note
I am still long and you will see from the chart we ironically reached the 1.4 extension and that held.
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