Purely from a technical perspective, U.S. Natural Gas Fund (AMEX: UNG) weakness after its pre-open high at 41.00 to 38.91 represents a "gap-filling" expedition"' -- at least, so far. The fact that selling pressure filled the entire up-gap this morning and then buyers re-emerged to push up prices to 39.62, as we speak, warns us that the action is a correction within an underlying advance off of Monday's low at 35.67. As of this moment, the UNG pattern remains constructive within the overriding bullish potential indicated by hurricane Gustav.
Sign up a FREE 15-Day Trial to Mike Paulenoff's ETF Trading Diary!
No comments:
Post a Comment