ETF Outlook for Friday, June 27, 2014 (UNG, ECON, BIZD, BJK)
U.S. Natural Gas ETF (NYSE: UNG)
After the inventory numbers were released yesterday the price of natural gas tumbled. UNG closed the session down 2.7 percent at a new one-month low.
The ETF looks set to test important support at the $23.50-$24.00 area, which it has been able to hold since a breakout in January. Being able to hold support is bullish, but on the flipside the ETF has struggled to rally above $27 and eventually it must either fail to hold support or rally above resistance at $27.
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