UNG has reached Fibonacci support in this decline, however wave iii could continue to extend as low as 5.61/5.22 before bouncing in a corrective fashion. IF the decline continues, resistance should be lower for wave iv and (iv) targets.
Positive divergence on MACD does NOT indicate imminent bounce in price under these circumstances, but a corrective bounce would not surprise.
Positive divergence on MACD does NOT indicate imminent bounce in price under these circumstances, but a corrective bounce would not surprise.
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Disclaimer
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.