A record scorching heat wave is forecast to sweep across the U.S. which should be good for natural gas. According to a report from USAToday (link above) temperatures are expected to soar well over 110 degrees in portions of Arizona, Nevada and California by the weekend and into early next week, the National Weather Service warned.
The chart of UNG has prices consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 6.78. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 6.61, a stop order could be placed below this zone.
The United States Natural Gas ETF UNG has formed a good setup pattern and so I bought some in my personal trading account this morning.
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