UNG has likely bottomed at 6.32, and a new impulsive rally towards 34.50 and likely closer to 38.94 is now in motion. Should minor resistance near 7.09 be able to cap the upside for a final spike lower, the potential dip will be very short-lived and a possible dip below 6.32 will be exactly that only a minor dip below before UNG will turn higher.
Our preferred count points to the low are already in place with the test of 6.32. A clear break above minor resistance at 7.09 and more importantly a break above resistance at 9.99 are in the cards soon for the next impulsive rally higher to 20.56 and ultimately higher to 34.50 and likely 38.94.
The material has been provided by InstaForex Company – www.instaforex.com
UNG has likely bottomed at 6.32, and a new impulsive rally towards 34.50 and likely closer to 38.94 is now in motion. Should minor resistance near 7.09 be able to cap the upside for a final spike lower, the potential dip will be very short-lived and a possible dip below 6.32 will be exactly that only a minor dip below before UNG will turn higher.
Our preferred count points to the low are already in place with the test of 6.32. A clear break above minor resistance at 7.09 and more importantly a break above resistance at 9.99 are in the cards soon for the next impulsive rally higher to 20.56 and ultimately higher to 34.50 and likely 38.94.
The material has been provided by InstaForex Company – www.instaforex.com
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