United States 12 Month Natural Gas Fund, ETF Forecast
Green day on Friday for United States 12 Month Natural Gas Fund, ETF after gaining 1.21%
(Updated on May 03, 2024)
The United States 12 Month Natural Gas Fund, ETF price gained 1.21% on the last trading day (Friday, 3rd May 2024), rising from $7.89 to $7.99. During the last trading day the ETF fluctuated 2.48% from a day low at $7.86 to a day high of $8.05. The price has been going up and down for this period, and there has been a 2.11% gain for the last 2 weeks. Volume fell on the last day by -17 thousand shares and in total, 47 thousand shares were bought and sold for approximately $379.25 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The ETF is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect United States 12 Month Natural Gas Fund, ETF with a 90% probability to be traded between $7.36 and $8.38 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and ETFS seldom manage to go directly from the bottom of a trend up to the top. ETFS turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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UNL Signals & Forecast
The United States 12 Month Natural Gas Fund, ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $7.88 and $7.85. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, March 27, 2024, and so far it has risen 4.59%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Support, Risk & Stop-loss for United States 12 Month Natural Gas Fund, ETF
United States 12 Month Natural Gas Fund, finds support from accumulated volume at $7.96 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the ETF tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the ETF During the last day, the ETF moved $0.195 between high and low, or 2.48%. For the last week the ETF has had daily average volatility of 1.62%
Our recommended stop-loss: $7.61 (-4.75%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 26 days ago.)
Trading Expectations (UNL) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect United States 12 Month Natural Gas Fund, LP to open at $7.97, and during the day (based on 14 day Average True Range), to move between $7.84 and $8.14, which gives a possible trading interval of +/-$0.150 (+/-1.88%) up or down from last closing price. If United States 12 Month Natural Gas Fund, LP takes out the full calculated possible swing range there will be an estimated 3.76% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $8.00 (0.13%) than the support at $7.96 (0.38%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is United States 12 Month Natural Gas Fund, LP ETF A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for United States 12 Month Natural Gas Fund, ETF to perform well in the short-term period.
Current score: 3.265 Buy Candidate Unchanged
Predicted Opening Price for United States 12 Month Natural Gas Fund, LP of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $7.97 ( 0.311%) | $7.99 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for UNL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.16 | 2.12 % | |
| R2 | 8.09 | 1.19 % | ||
| R1 | 8.04 | 0.619 % | ||
| Current price: | 7.99 | |||
| Support | S1 | 7.89 | -1.24 % | |
| S2 | 7.84 | -1.82 % | ||
| S3 | 7.77 | -2.75 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.27 | 3.51 % | |
| R2 | 8.08 | 1.08 % | ||
| R1 | 8.00 | 0.125 % | ||
| Current price | 7.99 | |||
| Support | S1 | 7.96 | -0.375% | |
| S2 | 7.90 | -1.13% | ||
| S3 | 7.71 | -3.50% |
FAQ
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