UNG has reached Fibonacci support in this decline, however wave iii could continue to extend as low as 5.61/5.22 before bouncing in a corrective fashion. IF the decline continues, resistance should be lower for wave iv and (iv) targets.
Positive divergence on MACD does NOT indicate imminent bounce in price under these circumstances, but a corrective bounce would not surprise.
Positive divergence on MACD does NOT indicate imminent bounce in price under these circumstances, but a corrective bounce would not surprise.
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UNG - Daily
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