Natural gas has been enjoying a nice advance so far in 2013 even outpacing the rally we’ve seen in U.S. equities. However there appear to be some headwinds moving in on nat gas ($UNG). This is the topic of my TraderPlanet piece for this week.
Here’s a blurb:
As the chart below shows, we have a falling trendline that was created from the lower lows in October and November of last year that would act as resistance just above the $21.50 level. We have another trendline that started in April of last year that become resistance during the first month of 2013 and is coming into play near $21.50 as well. Looking at the natural gas market Monday morning it appears we will open above this level. I’ll be watching for a close on strong volume in order to trust any form of a breakout.
Click over to read the rest: Nat Gas Bulls Push $UNG Up 12% YTD, Can It Last? (TraderPlanet)
Disclaimer: Do not construe anything written in this post or this blog in its entirety as a recommendation, research, or an offer to buy or sell any securities. Everything in this post is meant for educational and entertainment purposes only. I or my affiliates may hold positions in securities mentioned in the blog. Please see my Disclosure page for full disclaimer. Connect with Andrew on Google+.
