UNG is trending up again

In mid-February UNG, the US Natural Gas Fund, formed a double bottom pattern, which is a bullish reversal sign. Following that, UNG moved above its 10- and 20-day exponential moving average and reached the upper Bollinger Band.

This momentum reversal is already depicted in MACD, which is moving above its signal line for some time.

Before we finally decide that UNG is in a bullish trend, the Fund will have to break above two important resistance lines, the blue horizontal lines in the chart, and above its 50-day exponential moving average.

UNG’s Relative Strength, on the other hand, has started moving up and has just touched its 20-day exponential moving average.