UGAZ is looking pretty bullish to me from a technical standpoint. I can't really speak fundamentally for it, as I am not normally a natural gas trader ... but technically, I think it looks bullish in the short term.
It has been in a solid down trend since March, but the down trend resistance was broken and, not only that, but the 50 MA was also broken. The volume has also been pretty high during these break-outs, which I see as confirming them. If it can punch thru the next resistance around 20.16, I would expect this to run up and retest the next zone in the 26.9 - 27.9 area (grey zone).
Just my opinion!
It has been in a solid down trend since March, but the down trend resistance was broken and, not only that, but the 50 MA was also broken. The volume has also been pretty high during these break-outs, which I see as confirming them. If it can punch thru the next resistance around 20.16, I would expect this to run up and retest the next zone in the 26.9 - 27.9 area (grey zone).
Just my opinion!