Update - From Condotieri at ZH Comments - Commodity ETF UNG Halted to issue new shares "
MarketWatch - Natural gas inventories rose 75 bcf last week: EIA, "NEW YORK (MarketWatch) -- U.S. natural gas inventories rose 75 billion cubic feet in the week ended July 3 to reach 2,796 billion cubic feet, the Energy Information Administration reported Thursday. Analysts at IHS Global Insight had expected an increase of 71 billion cubic feet. After the data, August natural gas futures rose 6.8 cents, or 2.1%, to $3.421 per million British thermal units. At the current level, inventories were 601 billion cubic feet higher than last year at this time and 452 billion cubic feet above the five-year average."
I'm seeing a possible MA pattern inside the falling wedge. Potential buy signal for another short pop here. Reaction to news this am was muted. Out lower bb here with RSI bottoming out and possible STO bull cross. With massive inventories and oil prices falling, I expect a pop, but further weakness and possibly lower lows in the future. Notes in the chart.
MA Pattern Definition courtesy of Scott at StockTock -