The weakness we looked at a few weeks ago in the natural gas ETF has reinforced itself to the downside. And now natty must hold the major support trendline highlighted on the weekly chart, below. Natty bulls have been a fancy bunch, talking a big game about the looming bull run. Now they must back up that talk.
As 12631 member “zapped4” pointed out today, the triple-long natty ETF UGAZ has great July seasonality, courtesy of The PPT algorithm.
Long story short, $19 needs to hold for this multi-quarter pattern of higher lows and a flat top (ascending triangle) to remain intact for an eventual upside breakout.
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forgive me for my insolence but that thing looks like the mother of all bear flags
Fair point