UNG has reached Fibonacci support for a 3rd wave, although the degree is unclear given the start of this decline. Near-term bounce may reach the high 6s, or perhaps as high as 7.67/8.75. Either way, a corrective 3-wave bounce into resistance sets up another decline, likely below 5.00 or even 4.00.
Positive divergence on MACD still holds, and may continue to hold through waves iv and v.
Positive divergence on MACD still holds, and may continue to hold through waves iv and v.
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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.