Natural Gas (UNG) Takes Off

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By Mike Paulenoff | Published 07/22/2010 | Futures , Stocks | Unrated

Natural Gas (UNG) Takes Off

Ahead of natural gas inventory data at 10:30am ET, the U.S. Natural Gas Fund ETF (UNG) has rocketed from 7.60 above key near-term resistance at 7.78/80 in what looks like a bullish surge out of its week-long consolidation area.

If the inventory data does not reverse this surge (weather-induced strength), then the pattern argues for upside continuation to 8.10/20 next.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.

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