Now we are in the arduous “base-building” phase
The natural gas inventory figures came in more or less as expected, which in this market is a victory! Otherwise, the tame inventory data really should not be a surprise. If we are to believe what my near and intermediate work is telling us, the worst of the gas bear market is behind us, and now we are in the arduous “base-building” phase (measured in weeks) prior to a sustainable powerful upmove. For the time being, yesterday’s low at 12.32 followed by the climb to 12.90 so far has the right look of the initiation of a new upleg that continues to advance from 7/13 (11.96) to 14.00 (7/23). If my work proves correct, the U.S. Natural Gas Fund ETF (NYSE: UNG, Stock Forum) is on the way to revisit 14.00 next.
Stockhouse Conflict and Disclosure Policy:
Stockgroup Media Inc., owners and operators of Stockhouse.com, has established the following rules to ensure that there is no appearance of impropriety on the part of any Stockhouse Editorial writers ("Writers"). The content of Stockhouse Editorial articles (the "Articles") are the opinion of the Writer and any reliance on the content of these articles is at your sole risk. Our Writers are not registered investment advisors. You should not make any kind of investment decision in relation to Articles or stocks discussed in them without obtaining advice from a registered investment advisor.
Facts relied upon by our Writers are generally provided by the subject companies or gathered by our Writers from other public and/or private sources. These facts may be in error and if so, the opinions of our Writers may be materially different.
Writers may own, buy, or sell shares in public companies mentioned in their Articles, but in the Article they must prominently state their ownership position. Thus, a conflict may exist. Writers are not permitted to write Articles that attempt to benefit persons connected to the Writer, such as family or friends, except where disclosure is made in the same way as if the Writer him/herself owns stock.
Writers cannot solicit, accept, or agree to receive anything of value given or paid with the intent of influencing their Articles.
Stockhouse notifies each Writer about these rules, and we rely on the integrity of our Writers to ensure that our rules are followed.
