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UNG Is Weak Again

The United States Natural Gas Fund(NYSE:UNG) has been very weak as of late and is trading lower again this morning. The UNG has a very bearish 'head and shoulders' pattern that triggered on August 9th, 2010. The ultimate target for this daily chart pattern is around the $5.70 level. Intra-day the stock will have short term support around the $6.40 area.

Leading natural gas stocks such as Chesapeake Energy Corp.(NYSE:CHK), and Devon Energy Corp.(NYSE:DVN) are both both trading higher today. Therefore, the weakness in natural gas is specific to the commodity.