Buy: Natural Gas ETF (UNG 42.72) Bottoming action suggest upside to initial $45 price levels

Rationale: As July Natural Gas futures have approached serious oversold levels (NGN07), it seems imminent a rebound will occur from current lows. Consequently, notice the bottoming action of the Natural Gas (UNG ) ETF which emulates the Natural Gas future action. Widespread choppiness, a falling ADX, and strong bullish diverging momentum (MACD) are all signals of bottoming action on the daily charts. This behavior is suggestive of a bounce back to initial $45 price levels.

Price Target: $45, July 11th high levels

Stop : 40.32