I wanted to do an update post on the infamous Natural Gas fund UNG, now that it has (almost) completed a test of the prior lows as mentioned in my prior post entitled, “A Weekly and Daily Chart View of UNG on October 28th.”
Let’s see the daily chart spanning back to the beginning of 2009… and witness the stellar drop from $25 per share to $9.
With the Natural Gas ETF UNG falling 5% before mid-day on Monday, October 26th, let’s take a quick look at the broader picture by seeing the structure and opportunities on the weekly and daily charts.
A few weeks ago, I wrote the post “Volume Surge in UNG Natural Gas” which became a popular post and a few readers have asked me to follow-up on UNG and comment on the Triangle Pattern Breakout that is occurring. Let’s update the analysis and take a look.
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.