Pure Gasoline use has change into a sizzling button in the US as bans start to be mentioned or enacted in sure states and cities. Whether or not you consider that is good or unhealthy, it’s information. A subscriber lately requested us to overview Pure Gasoline (UNG) . Right this moment appears a superb day to just do that given its large -6.48% decline.
We doubt that the information is inflicting issues for UNG. It does not matter. The technicals on the weekly chart look horrible. Value dropped greater than 79% from the 2018 excessive to the all-time low. On the flip facet, it rallied over 300% out of that all-time low. All-time lows are about to be reached. Greater than possible our subscriber is eyeing this one on ideas of getting in on a potential large acquire when it reverses. We get it, however beware, it nonetheless has one other 18% it will possibly decline earlier than reaching all-time lows.
Sadly there isn’t a excellent news on the technical horizon. The weekly RSI is now under 20. It is oversold, however it’s nonetheless retreating. The weekly PMO is now in oversold territory, however is exhibiting no indicators of a reversal forward. Worse but, the StockCharts Technical Rank (SCTR) is at 0%. This implies there aren’t any ETFs worse than this one. It’s the worst.
Conclusion: Pure Gasoline (UNG) is about to achieve all-time lows. Nevertheless, it is not a reversal candidate but. The symptoms are horrible and apparently so far as the StockCharts Technical Rank is worried, there aren’t any worse ETFs. Maintain it on the watch listing or subscribe to the DecisionPoint.com Bundle! We’ve got it on our watch listing and can notify you when it begins to look fascinating on a reversal based mostly on our indicators. Use coupon code: SAVE50 and get 50% off your first month!
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Erin Swenlin is a co-founder of the DecisionPoint.com web site alongside together with her father, Carl Swenlin. She launched the DecisionPoint day by day weblog in 2009 alongside Carl and now serves as a consulting technical analyst and weblog contributor at StockCharts.com. Erin is an lively Member of the CMT Affiliation. She holds a Grasp’s diploma in Info Useful resource Administration from the Air Pressure Institute of Know-how in addition to a Bachelor’s diploma in Arithmetic from the College of Southern California.
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