Gareth Soloway / InTheMoneyStocks.com
Chart Of The Day: UNG Price: Current range, long entry. First target, $21.15. The second target, $23.35. Natural gas has fallen nicely over the last few weeks. After topping out in October and retesting the highs in November, the commodity has fallen to multi month lows. The United States Natural Gas Fund, LP (UNG) is trading at $19.32, -0.12 (-0.62%). It is down from a 2012 high of $23.40.
This pull back came directly into the daily 200 moving average. There is significant support in this range and a move higher is expected. In addition, the newest QE4 just released by the Federal Reserve is very bullish for U.S. growth and commodities. The printing of money shows no signs of stopping. The fuel has been lit on natural gas, now enjoy the explosion upwards.
The upside first target on the UNG will be $21.15. The second target will be $23.35.