UNG – U.S. Natural Gas Fund (Last:11.32)

Anyone who bought the 11.31 downside target given here on Friday would have caught a strong bounce from within a penny of the intraday low. Some partial profit-taking was in order, but if you still hold a position, you should be using a stop-loss that will take you out of it with no loss or a small gain.  UNG’s violent relapse just before the close hints of more trouble to come, which could mean  slippage to as low as 9.89.  More immediately, though, there are two Hidden Pivots associated with a lesser pattern that could brake UNG’s fall at either 11.26 or 10.79.   Alternatively, UNG would need to touch 11.78 today to suggest that Friday’s bounce was more than a fleeting reaction.