United States Natural Gas Fund, LP ETF Forecast
United States Natural Gas Fund, LP ETF price ended at $15.04 on Monday, after gaining 3.58%.
(Updated on Apr 22, 2024)
The United States Natural Gas Fund, LP ETF price gained 3.58% on the last trading day (Monday, 22nd Apr 2024), rising from $14.52 to $15.04. 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 2.10% from a day low at $14.78 to a day high of $15.09. The price has risen in 6 of the last 10 days but is still down by -2.4% for this period. Volume fell on the last day by -152 thousand shares and in total, 6 million shares were bought and sold for approximately $91.39 million. 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 lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $17.71 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the ETF is expected to fall -16.14% during the next 3 months and, with a 90% probability hold a price between $1.36 and $14.85 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.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
UNG Signals & Forecast
Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The ETF should be watched closely. 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 a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the ETF giving a more negative forecast for the stock. On further gains, the ETF will meet resistance from the long-term Moving Average at $15.32. On a fall, the ETF will find some support from the short-term average at $14.55. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Wednesday, January 24, 2024, and so far it has fallen -28.58%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for United States Natural Gas Fund, LP ETF
United States Natural Gas Fund, LP finds support from accumulated volume at $14.89 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 $0.310 between high and low, or 2.10%. For the last week, the ETF has had daily average volatility of 3.60%.
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 Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect United States Natural Gas Fund, LP to open at $14.97, and during the day (based on 14 day Average True Range), to move between $14.41 and $15.67, which gives a possible trading interval of +/-$0.633 (+/-4.21%) 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 8.41% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $14.89 (1.00%) than the resistance at $15.52 (3.19%), 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: -1.304 Sell Candidate Unchanged
Predicted Opening Price for United States Natural Gas Fund, LP of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| $14.97 ( 0.465%) | $15.04 |
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 | 15.28 | 1.60 % | |
| R2 | 15.16 | 0.81 % | ||
| R1 | 15.09 | 0.322 % | ||
| Current price: | 15.04 | |||
| Support | S1 | 14.85 | -1.25 % | |
| S2 | 14.78 | -1.74 % | ||
| S3 | 14.66 | -2.53 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 16.62 | 10.51 % | |
| R2 | 16.17 | 7.51 % | ||
| R1 | 15.52 | 3.19 % | ||
| Current price | 15.04 | |||
| Support | S1 | 14.89 | -1.00% | |
| S2 | 14.81 | -1.53% | ||
| S3 | 14.48 | -3.72% |
FAQ
Click here for our free guide on how to buy United States Natural Gas Fund, LP ETF.
