When I last posted on UNG, we were looking for lower into the daily cycle low and a weekly inflection. Prices have consolidated since then but have failed to pullback much. This behavior can be setting up a strong move higher over the next month or so if the weekly cycle manifests as a inversion.
Crude will be rolling into June tomorrow thus advance my chart to the June contract. The dominant daily cycle should be peaking over the next few days which along with the contract roll may be putting in an ‘a’ wave high.