United States Natural Gas Fund LP Set to Possibly Pullback After Yesterday's Rally of 3.49%
United States Natural Gas Fund LP (NYSE:UNG) traded in a range yesterday that spanned from a low of $8.33 to a high of $8.46. Yesterday, the shares gained 3.5%, which took the trading range above the 3-day high of $8.18 on volume of 4.6 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, United States Natural Gas Fund LP has traded in a range of $5.78 to $15.28 and is now at $8.46, 46% above that low. The 200-day and 50-day moving averages have moved 1.49% lower and 0.24% higher over the past week, respectively.
SmarTrend recommended that subscribers consider buying shares of United States Natural Gas Fund LP on April 19th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $6.97. Since that recommendation, shares of United States Natural Gas Fund LP have risen 17.2%. We continue to monitor UNG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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