UNG - Still in a Downtrend, or Has the Tide Turned?

With all of the controversy UNG has been through this summer, more then ever we have to rely on technical analysis and trend indicators. We rely solely on Smart Scan Chart Analysis for the current trend and Smart Scan is still showing some near term weakness in UNG. However, UNG is now in a longer term uptrend and should be traded with tight money management stops.

Based on a pre-defined weighted trend formula for chart analysis, UNG scored +70 on a scale from -100 (strong downtrend) to +100 (strong uptrend):

+10......Last Hour Close Above 5 Hour Moving Average
+15......New 3 Day High on Wednesday
+20......Last Price Above 20 Day Moving Average
+25......New 3 Week High, Week Ending September 19th
-30......New 3 Month Low in September
+70......Total Score



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