UNG: A Great Buy Setup to Capture the Bullish Continuation
Earlier this month, UNG has reached a three-year high at $28 level. Immediately, the price gapped down to $25 level. The market has been moving in a short-term descending channel. This week, the price broke the channel by forming an inverse head and shoulder pattern. After breakout, the price retested the neckline and formed a bullish doji. This is a good indication that bullish momentum has taken over the market. First buy target is set in the gap area at $27 level. Second target is set at $28 level or higher, as the market is very bullish at the moment.
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Price reaching halfway of 1st target
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.