Natural Gas or Oil: Who Will Be Trendy Next?
Gas prices are currently effecting people all across the U.S. Not only are the average American effected by this, but energy companies are also making adjustments. Tom Aspray give us a summary of what has been happening in the natural gas world, and which companies are making the appropriate adjustments.
"The daily chart of the United States Natural Gas Fund (UNG) shows that the support in the $10.60 area (line b) was tested in the past two weeks before UNG moved back above $11.00.
There is next resistance for UNG at $11.50 with the previous peak and the daily downtrend (line a) in the $12.20 area. Longer-term resistance is in the $13.70-$14 areaThe daily on-balance volume (OBV) has been rising more sharply than prices, line c, and shows a pattern of higher highs. The weekly OBV (not shown) has turned up and could move back above its weighted moving average (WMA) if volume increases by the end of the week."
Find all the research here:http://blogs.forbes.com/tomaspray/2011/05/25/is-natural-gas-bottoming/