Sunday, May 16, 2010 5:54:42 AM
Watch for UNG:
I plotted UNG from a private request late last year. Indeed, the price continues to remain within the confines of that same down-trending channel.
Whereas DAILY data suggests that the price is testing 45-EMA once again with a predominant bearish bias per secondary indicators, the WEEKLY data is forming new BULLISH signals.
Going forward, watch for step-wise progression of WEEKLY RSI as it creeps back up slowly, but steadily to indicate a swelling shift of buyers relative to sellers. In price behavior terms, look for stead dissolution of the $7.7 overhead resistance.
OVERALL - Predominantly BEARISH; early, albeit unconfirmed reversal signals
UNG - 36-Mo., Weekly Chart:
UNG - 12-Mo., Daily
UNG - 2-Mo., 60-Min. Chart:
- Dalcindo
I plotted UNG from a private request late last year. Indeed, the price continues to remain within the confines of that same down-trending channel.
Whereas DAILY data suggests that the price is testing 45-EMA once again with a predominant bearish bias per secondary indicators, the WEEKLY data is forming new BULLISH signals.
Going forward, watch for step-wise progression of WEEKLY RSI as it creeps back up slowly, but steadily to indicate a swelling shift of buyers relative to sellers. In price behavior terms, look for stead dissolution of the $7.7 overhead resistance.
OVERALL - Predominantly BEARISH; early, albeit unconfirmed reversal signals
UNG - 36-Mo., Weekly Chart:
UNG - 12-Mo., Daily
UNG - 2-Mo., 60-Min. Chart:
- Dalcindo
Dalcindo's Public List
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
