United States Natural Gas Fund, LP ETF Forecast
Green day on Thursday for United States Natural Gas Fund, LP
(Updated on Apr 18, 2024)
The United States Natural Gas Fund, LP ETF price gained 0.278% on the last trading day (Thursday, 18th Apr 2024), rising from $14.38 to $14.42. During the last trading day the ETF fluctuated 1.81% from a day low at $14.34 to a day high of $14.60. The price has been going up and down for this period, and there has been a -3.22% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 1 million more shares were traded than the day before. In total, 7 million shares were bought and sold for approximately $103.59 million.
The ETF lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the ETF is expected to fall -5.55% during the next 3 months and, with a 90% probability hold a price between $3.56 and $18.84 at the end of this 3-month period.
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UNG Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. 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 $14.69 and $15.42. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, January 24, 2024, and so far it has fallen -31.53%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for United States Natural Gas Fund, LP ETF
United States Natural Gas Fund, LP finds support from accumulated volume at $14.38 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 $0.260 between high and low, or 1.81%. For the last week, the ETF has had daily average volatility of 3.70%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (UNG) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect United States Natural Gas Fund, LP to open at $14.45, and during the day (based on 14 day Average True Range), to move between $13.77 and $15.07, which gives a possible trading interval of +/-$0.647 (+/-4.49%) 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 8.97% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $14.38 (0.28%) than the resistance at $14.48 (0.42%), 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 is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this ETF.
Current score: -5.886 Strong Sell Candidate Unchanged
Predicted Opening Price for United States Natural Gas Fund, LP of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $14.45 ( 0.231%) | $14.42 |
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 | 14.71 | 2.03 % | |
| R2 | 14.61 | 1.35 % | ||
| R1 | 14.55 | 0.92 % | ||
| Current price: | 14.42 | |||
| Support | S1 | 14.35 | -0.458 % | |
| S2 | 14.29 | -0.88 % | ||
| S3 | 14.19 | -1.57 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 16.17 | 12.14 % | |
| R2 | 14.89 | 3.26 % | ||
| R1 | 14.48 | 0.416 % | ||
| Current price | 14.42 | |||
| Support | S1 | 14.38 | -0.277% | |
| S2 | 14.35 | -0.485% | ||
| S3 | 14.14 | -1.94% |
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