My near-term technical work in the US Natural Gas ETF (AMEX: UNG) argues strongly that Monday's low at 34.68 followed by Tuesday's successful retest --followed by today's strength -- are indicative of a meaningful upturn for at least a recovery rally into the 38.00-38.40 zone. Only a hurdle of 39.00/20 will argue that a very significant low has been established in the UNG.

By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction

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