UNG in bullish momentum
In mid-February UNG – US Natural Gas Fund - formed a double bottom pattern, in the blue circle. This is considered a bullish pattern and in this case theory met reality and UNG started moving up and above its 10-day exponential moving average.
Currently UNG has reached the upper Bollinger Band and is ready to cross over its 50- day exponential moving average, that will mark officially an uptrend.
MACD of course is already showing the upward momentum and moving in a positive territory above its signal line.
Likewise, UNG’s Relative Strength has already crossed over its 20-day exponential moving average another sign of strengthening momentum.