Chart patterns are suggesting a reversal to the upside, possibly targeting $18-$24 levels for UGAZ, as NG prices are expected to go higher into the summer heat and economy reopening by 3rd week of June in NY, NJ, PA. We may have another a couple of days of consolidation with lower prices due to bearish EIA report on Thursday. Expecting over 100 bcf in storage. However, rising demand is on the horizon.
NG price targets are: $1.8; $1.93, $2.048. UGAZ, being ETN, may not reach its recent highs in the 30s. However, it is expected to get into mid 20s, with resistance at around $26 price level.
NG price targets are: $1.8; $1.93, $2.048. UGAZ, being ETN, may not reach its recent highs in the 30s. However, it is expected to get into mid 20s, with resistance at around $26 price level.