UNG ETF trader tip: Using the daily charts, Chris Vermeulen of The Technical Traders goes over the Natural Gas ETF UNG recent moves. Based on the 50-day moving average, there seems to be a 15% to 17% upside move. Natural Gas went in this three-surges topping phase, created a bear flag, and then hit that 100% measured move.
The overall trend analysis in the 30-minute chart shows that we’ve been in a strong uptrend, a pretty big run in UNG. The chart patterns and momentum had moved to the downside, and now we can see a rally back up to this moving average. Natural gas UNG tends to act as a safe haven when there is fear in the market, and there has been fear in the market recently, which is why we are seeing a strong bounce from the lows in UNG.
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Disclaimer: None of this material is meant to be construed as investment advice. It is for education and entertainment purposes only. The video is accurate as of the posting date but may not be accurate in the future.