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UNG: Potential Bottom Developing

UNG: (US Nat Gas FD ETF)

We had a mega long term (dominant) pattern (from 2007)of which the down price target was 5.14; we reached it on 1/19/12 when we printed the last low at 4.98 (same day)

We MUST have a weekly close at or above 5.67; if not then the bounce from 4.98 could be a bear bounce (new lows)

Not reaching 5.45 is immediately bullish and takes us up to 6.27/6.37; in the event it trades upward, it's imperative to 6.37 otherwise we will head down to test the 4.98 low.

Generally speaking after the first bout of short covering after such a long downtrend (from 7/08) although this current move down (trend) is from 6/11; none the less there is always a retest (generally several) of the previous low (4.98) as such 5.25 is the key support pivot, (daily) as such 5.08 to 5.14 are potential entry (long) levels