Has Natural Gas Found Support?

StatsEdgeTrading

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Right after the market closes, it's my routine to pull up the sector scope page to dissect the day's performances across various sectors. It's like taking the market's pulse—seeing which ones have thrived and which have faltered. UNG 0.00%↑ (United States Natural Gas Fund) caught my eye with a robust four and a half percent rise.

A Deep Dive into the UNG 0.00%↑ Weekly Chart

When I drill deeper into the weekly chart for Natural Gas, it's been a rough ride, with the numbers showing a staggering 75% decline. But here's the twist - we've witnessed a significant low right around $14.50. We've bounced from this low and retested it, leading to the formation of a substantial green day (a day where the price closes higher than it opens).

So, keep your eyes peeled. If UNG 0.00%↑ manages to cling to this newfound support level over the coming days, it might just unfurl opportunities to either jump into the ETF itself or dive into selective stock plays associated with natural gas.