United States 12 Month Natural Gas Fund, ETF Forecast
Evaluation of United States 12 Month Natural Gas Fund, ETF downgraded after the last trading session.
(Updated on May 17, 2024)
The United States 12 Month Natural Gas Fund, ETF price gained 1.56% on the last trading day (Friday, 17th May 2024), rising from $8.33 to $8.46. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 1.04% from a day low at $8.38 to a day high of $8.47. The price has risen in 5 of the last 10 days and is up by 5.88% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 5 thousand more shares were traded than the day before. In total, 34 thousand shares were bought and sold for approximately $289.84 thousand.
The ETF has broken the horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. $8.44 is considered to be a "second chance" to hit a potential runner. It is, however, important that volume does follow the price as false breaks may appear and it may move back into the horizontal trend. Based on the rectangle-formation theory the ETF is predicted to reach $9.15 sometime during the next 3 months.
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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 $8.15 and $7.94. 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 10.74%. 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). United States 12 Month Natural Gas Fund, has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk.
Support, Risk & Stop-loss for United States 12 Month Natural Gas Fund, ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $8.00 and $7.96. There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, United States 12 Month Natural Gas Fund, finds support just below today's level at $8.00. If this is broken, then the next support from accumulated volume will be at $7.96 and $7.87.
In general the ETF tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved $0.0875 between high and low, or 1.04%. For the last week the ETF has had daily average volatility of 1.73%.
Our recommended stop-loss: $8.15 (-3.68%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 36 days ago.)
Trading Expectations (UNL) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect United States 12 Month Natural Gas Fund, LP to open at $8.44, and during the day (based on 14 day Average True Range), to move between $8.31 and $8.61, which gives a possible trading interval of +/-$0.151 (+/-1.78%) 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 3.56% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $8.00, some $0.460 (5.44%) from the current price of $8.46, our system finds the risk reward attractive.
Is United States 12 Month Natural Gas Fund, LP ETF A Buy?
United States 12 Month Natural Gas Fund, holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for United States 12 Month Natural Gas Fund, LP of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $8.44 ( 0.266%) | $8.46 |
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 | 8.53 | 0.768 % | |
| R2 | 8.49 | 0.373 % | ||
| R1 | 8.47 | 0.129 % | ||
| Current price: | 8.46 | |||
| Support | S1 | 8.40 | -0.661 % | |
| S2 | 8.38 | -0.91 % | ||
| S3 | 8.35 | -1.30 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 8.46 | |||
| Support | S1 | 8.00 | -5.44% | |
| S2 | 7.96 | -5.91% | ||
| S3 | 7.87 | -6.97% |
FAQ
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