ETF Market Trends: Be Ready For A Breakout For UNG
Written by Lawrence on September 30, 2009
On 18 Sep, we highlighted UNG as a potential short based on its technicals. Since then, instead of dipping significantly lower, the ETF exhibited resilience and has been hovering just below the key $12 price level. It is useful to recall that the $12 level serves as an important resistance for UNG. The downward sloping 200-day SMA has been hovering around the $12 mark as well in recent days. Therefore, a decisive break above this level would be bullish for UNG.
Yesterday, UNG retested and overshot the $12 mark intraday but closed lower at $11.77. While UNG has not closed above the key $12 mark, it is still within striking distance and may exceed that level again today or in a few days time. In any case, a decisive break above this level will likely lead to a move to $13 or higher.
Go hit them!
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Here’s my take on KPPC: KPPC has had a decent rally from its Feb 2009 lows, but... (Nov 22, 09)
10-11-2009
10:58 am
Lawrence
Hi Joe, you are right! It should be the 50 day SMA and not the 200 day SMA.
10-10-2009
4:33 pm
joe
dont you mean the downloping 50 day sma not the 200
09-30-2009
5:54 am
Andy
http://seekingalpha.com/article/160918-cramer-s-mad-money-united-states-gas-fund-should-not-exist-9-10-09