What We're Reading

UNG Hourly Chart

Since some of you trade NG and UNG, I thought I'd put some Fibonacci on it and see what it looks like. This is the hourly chart. From the 02/08 high, notice that XA drops to a previous support area. The rally AB retraces .786 of XA. The BC selloff takes out the low of XA and extends 1.618 to today's low. There is also a Fibonacci time target right here that I didn't label. It should rally from here and try to fill that gap. However, what I'm concerned about is that we closed below the Jan 28 low. Momo still down. If a rally attempt to fill the gap fails and today's low is taken out, it will probably extend 2.618 which would take it down near 8.70..

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