S&P tested resistance at around the 1170 region thrice yesterday the candlestick pattern shows that it had failed to break above the 50 day moving average. Now i'm looking at price not going above 1162 and also convincingly breaking the cyan line (8 day EMA) within the next 2 trading days. Once this happens, it would mean that the market has a bit more to go down.
Natural Gas
Daily charts for Natural Gas ETF UNG
I was alerted of this bullish divergence pattern for UNG. Natural Gas seemed to have bottomed out and had broken above the 50 day moving average yesterday. We may see a test of moving average support again at 4.15 before it gets enough momentum to break above the monthly pivot resistance (red dashed line). I reckoned this one is a big potential bullish move and due to its slow movement and low price, I may purchase the ETF outright.
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