07Oct3:44 pmEST

Natural Gas Definitely Calls it Jelly

While plenty of market players and pundits succumbed to the frenzy over the British pound overnight, natural gas is as American as, well, calling Polaner All Fruit, "jelly."

On the weekly UNG chart, below, the ETF for natty, we may have finally seen the legitimate upside breakout in light of the endless bear market since 2008. The highlighted bottom is indeed self-evident. Now comes the issue of holding gains and building on this progress into next week and beyond. 

It may also be a bullish sign if plenty of traders believe this rally is merely a knee-jerk Hurricane Matthew trade and not a sign of sustained bullishness, for that would add much-needs skepticism to the move from a sentiment perspective. 

For more analysis and ideas, be sure to check out my full-length Strategy Session for Members on Sunday.

Have a great weekend! 

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