The Odds Favor a Contrarian Move For Natural Gas

We could be setting up for a significant reversal. [Jeff Clark's Market Minute]( The Odds Favor a Contrarian Move For Natural Gas By Jeff Clark, editor, Market Minute The price of natural gas looks ready to fall. Obviously, that’s a contrarian view. Just about all the financial talking heads are [bullish]( on natural gas. They’re looking for it to continue the record-breaking rally that pushed the price of natural gas up 150% in 2022. But I’m going to take the other side of that trade… Recommended Link [Musk|Zuckerberg|Bezos – New Tech “Key” To Solving Shortages?]( [image]( Love him or hate him… Elon Musk is the world’s richest man. And, right now, he’s zeroing in on a new invention he says will be [“bigger than Tesla.”]( It’s built on top of a technology that: - Mark Zuckerberg calls “the key”… - Amazon just invested $700 million in… - And that Google’s CEO says could “have more profound implications for humanity than electricity or fire.” In fact, this new technology is playing a critical role in helping solve the country’s labor and chip shortages… [And the President just authorized a key task force on it.]( Elon Musk went on record to say that companies should be RACING to implement this. And that any business not doing that would “get crushed.” It’s not blockchain, NFTs, the metaverse or electric vehicles. To see this new discovery… the players involved… and why one of America’s #1 technology analysts is now pounding the table on one specific company… [Click Here [New Research Video]]( -- The technical setup looks “toppy” to me and I see that the odds favor a decline over the next weeks. Take a look at this chart of the United States Natural Gas Fund (UNG) – which tracks the price of natural gas… [chart] [(Click here to expand image)]( There are several potentially [bearish]( characteristics in this chart… First, the chart itself is morphing into a bearish rising wedge pattern. This happens as the stock makes higher highs and higher lows. But the distance between each high and low narrows. Most of the time, this action ends with the stock breaking to the downside of the wedge pattern. There’s also “negative divergence” on the technical momentum indicators ([MACD]( [RSI]( and [CCI]( at the bottom of the chart. While UNG has been pressing higher over the past two months, the momentum indicators have been falling. This sort of negative divergence is often an early warning sign of a potential decline. Finally, as we noted [last September]( (just before a three-month decline), UNG rarely strays more than 8% from its 50-day [moving average]( (MA – blue line) before reversing back toward the line. Yesterday, UNG traded nearly 20% above its 50-day MA. So, it’s setting up for one heck of a reversal to alleviate its overbought condition. Free Trading Resources Have you checked out Jeff's free trading resources on his website? It contains a selection of special reports, training videos, and a full trading glossary to help kickstart your trading career – at zero cost to you. Just [click here]( to check it out. Of course, these potentially bearish conditions also existed one month ago and nothing happened. UNG is even higher today than it was back then. So, natural gas bulls will argue that none of this matters. Macro conditions – like the Ukrainian invasion and increased demand for energy – will keep pushing the price of natural gas even higher. But I’ll argue that the current price of natural gas already reflects the macro conditions. That’s because the market tends to discount these factors ahead of time. [Disturbing In-Store Footage Exposes $269 Trillion Financial Crisis]( On the other hand, technical conditions suggest we’re at least reaching a short-time top in the price of natural gas… and we could be setting up for a significant reversal. It seems natural gas is more likely to be lower in the weeks ahead. Best regards and good trading, [signature] Jeff Clark Reader Mailbag Based on current conditions, which way do you think natural gas will move? Let us know your thoughts – and any questions you have – at feedback@jeffclarktrader.com. 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