Might a recent volume surge in UNG (Natural Gas ETF) hint that higher prices are yet to come? Let’s take a look at UNG’s long-term weekly structure and then step inside the ‘volume surge’ on the Daily Chart.
UNG (Natural Gas ETF) Weekly:
What’s most interesting is the sudden spike last week to over 200 million shares transacting in a single week – a record for this exchange traded fund.
It would certainly appear some fund (or group of funds) is ‘up to something’ perhaps through this ‘unnatural’ movement.
Price has been coming off a steep downtrend since the mid-2008 commodity peak which sent all commodities plunging to new lows into 2009.
Crude Oil has already completed its “Rounded Reversal” pattern with more room perhaps still to run but Natural Gas hasn’t been so lucky to rise as crude oil did.
Now might be the beginning of a potential multi-month rise… or at least we’re granted a potential low-risk opportunity if your analysis reveals as much.
Let’s step inside the volume surge on the daily chart Continue Reading…