UNG daily chart shows beautiful positive divergence across all indicators. The stochastics are coming off oversold levels, and considering the falling blue wedge, and positive divergence, price should bounce large from here. The weekly chart is set up with positive divergence as well so UNG is on the launch pad and ready to rock. Today could have easily marked the bottom, if not, the countdown has already started and the rocket is rumbling ready for take off. Projection is up from here, first target is overcoming the 20 MA resistance at 10.0-10.1, then target the gap fill at 10.2. Reassess at that time since an inverted H&S may be forming with the head just placed at 9.75, thus, after a healthy bounce, price would come back down to form a right shoulder and then continue onward and upward.
The shale gas has enjoyed such momo and publicity, perhaps some of the fracking, environmental and safety concerns will instead gain prominence moving forward, thus, affecting supply negatively, and price positively. Very constructive chart for the upside moving forward.
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