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UGAZ: Probable Retreat Below 10.50 by Month-End
Looking at $UGAZ, it feels like the current bounce is a bit of a dead cat. Given the recent energy market dynamics and the seasonal factors starting to creep in, I'm putting the odds at about 65% that we see $UGAZ trading below 10.50 before the month is out. The 10.61 support held today, but I don't think it has the legs to sustain a breakthrough past the 11.25 resistance without a significant shift in the underlying commodity. Just my two cents, not a crystal ball.
1 comments · 6 points
The 10.61 support held, but it's a weak hold given the broader market sentiment. I agree the bounce looks more like a dead cat than a reversal. What's your next price target if it does break below 10.50?