In addition to the posts shown below, most Daily Update posts include a chart and forecast for crude oil futures.
UNG has moved up to test the first weekly resist in what looks like an impulsive move and is now retracing. Will be watching 19.98 and 19.21 as possible wave ii support.
Opportunities nearby for bulls
I have been looking for a possible wave (v) low in UNG for the last couple months and it looks like we may have one that sticks. It has spent the last few weeks up from a test, and brief poke under, support at 18.10. Goal now is to establish a five wave move up for an initial impulse up. Resist at 21.81 and 22.89 on the weekly chart. I'm working on the premise that the dominant weekly cycle is inverting and thus for a net rise into the end of the year.
When I last wrote on UNG, I was looking for a possible truncated wave (v) low in conjunction with a projected cycle low for the year. Prices did in fact climb but was rejected by initial resist at 23.31. Despite that, the overall forecast for a possible low for the year in development is the same.
It might be making a durable low
UNG, the ETF that tracks natural gas, has elected to take the alternate path from when I last posted these charts by pushing to a new low under that of the 2016 low. The dominant cycle has shifted a...
The outlook for UNG has not changed over the last few months. It has failed to rally much but then hasn't fallen either. Still favor a bounce that can test the highs from last year.
Updated weekly chart but very little change from the earlier post here which you should read as a reminder of the possibilities. The most noteworthy difference is that the cycle detection is focusing on a shorter cycle which has the ideal low at the end of September.
We are watching natural gas prices very closely right now. The technical picture makes a strong case to expect a reversal and rally soon.
The dominant weekly cycle in UNG is bottoming out now and starts to turn up into early 2018 making it interesting to see if a higher low or test of the previous 2016 low takes place over then next...