United States Natural Gas Fund, LP ETF Forecast
Stronger technical forecast for United States Natural Gas Fund, LP ETF price after Wednesday trading.
(Updated on May 01, 2024)
The United States Natural Gas Fund, LP ETF price fell by -2.08% on the last day (Wednesday, 1st May 2024) from $14.44 to $14.14. During the last trading day the ETF fluctuated 2.00% from a day low at $13.98 to a day high of $14.26. The price has risen in 6 of the last 10 days but is still down by -1.67% for this period. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -563 thousand shares and in total, 7 million shares were bought and sold for approximately $98.87 million.
The ETF lies in the lower of a wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $13.92 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the ETF is expected to fall -15.13% during the next 3 months and, with a 90% probability hold a price between $11.81 and $13.94 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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UNG Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, April 26, 2024, and so far it has risen 0.569%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The United States Natural Gas Fund, LP ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $14.53 and $14.94. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for United States Natural Gas Fund, LP ETF
United States Natural Gas Fund, LP finds support from accumulated volume at $14.06 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $0.280 between high and low, or 2.00%. For the last week, the ETF has had daily average volatility of 3.33%.
Our recommended stop-loss: $13.30 (-5.95%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 3 days ago.)
Trading Expectations (UNG) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect United States Natural Gas Fund, LP to open at $14.13, and during the day (based on 14 day Average True Range), to move between $13.52 and $14.76, which gives a possible trading interval of +/-$0.620 (+/-4.38%) up or down from last closing price. If United States Natural Gas Fund, LP takes out the full calculated possible swing range there will be an estimated 8.77% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $14.06 (0.57%) than the resistance at $14.89 (5.30%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is United States Natural Gas Fund, LP ETF A Buy?
United States Natural Gas Fund, LP holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.581 Hold/Accumulate Upgraded
Predicted Opening Price for United States Natural Gas Fund, LP of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $14.13 ( 0.0943%) | $14.14 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for UNG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 14.41 | 1.89 % | |
| R2 | 14.30 | 1.13 % | ||
| R1 | 14.23 | 0.662 % | ||
| Current price: | 14.14 | |||
| Support | S1 | 14.02 | -0.85 % | |
| S2 | 13.95 | -1.32 % | ||
| S3 | 13.85 | -2.07 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 16.17 | 14.36 % | |
| R2 | 14.91 | 5.45 % | ||
| R1 | 14.89 | 5.30 % | ||
| Current price | 14.14 | |||
| Support | S1 | 14.06 | -0.566% | |
| S2 | 0 | . | ||
| S3 | 0 | . |
FAQ
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