I presented an intraday look at natty gas earlier today, with its high and tight bull flag resolving higher intraday.
And now here is the weekly chart for the badly beaten-down commodity, for many years now a laggard.
Note how constructive it was seeing natural gas convert $24 on the ETF into support after being resistance for quite some time.
This is a basic tenet of technical analysis in terms of looking for a bearish-to-bullish reversal. That remains the level against which to trade. As long as that holds, a move into the $30’s is within shot.
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Chess- I would assume a lot of volatility before reaching 30s. Would it be safer to play UNG vs UGAZ?
Yes