UNG has likely bottomed at 6.32, and a new impulsive rally towards 34.50 and likely closer to 38.94 is now in motion. Should minor resistance near 7.09 be able to cap the upside for a final spike lower, the potential dip will be very short-lived and a possible dip below 6.32 will be exactly that only a minor dip below before UNG will turn higher.
Our preferred count points to the low are already in place with the test of 6.32. A clear break above minor resistance at 7.09 and more importantly a break above resistance at 9.99 are in the cards soon for the next impulsive rally higher to 20.56 and ultimately higher to 34.50 and likely 38.94.
