Has the UNG Started a New Upleg?

In the aftermath of this morning’s greater-than-expected draw-down in natural-gas inventory, the United States Natural Gas (UNG) has spiked above its prior recovery-rally high of 24.67 to 25.00.

This continues to imbue the price pattern off of the March 24 corrective low at 23.71, with the look of a completed deep correction followed by the initiation of a new-bull or recovery-rally phase.

That said, let’s notice that heavy resistance hovers between 25.50 and 26.00.

If UNG can claw its way through the resistance band, then I will be pretty well convinced that a new upleg with the larger bull market is underway.