As we have noted previously, natural gas oversold indicators are flashing big time. Here is the current chart, showing major trend line support where the natural gas ETF, $UNG, currently sits.
Every time it has touched the trendline it has bounced nicely, retracing more than 50% of the height of the trendline each time.This one is likely due for a bounce over the next few weeks or months, although as we have warned in the past, this ETF appears to be a terrible vehicle for a long term investment in natural gas.
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I happen to be in for the majority on which urges North America to start capitalizing on natural gas. This initiative will be well for the future.
ReplyDeletecoal seam gas australia