/NG (natural gas futures) has traded as high as 2.333 so far today on a momentum-fueled overshoot of the 2.307 final target on a strong thrust above yesterday’s bull flag consolidation pattern on the 2.236 target/support. 60-minute charts below may not appear on email notifications but may be viewed on the site.

Likewise, UGAZ (3x bullish nat gas ETN) has traded as high as 16.39 so far today in the pre-market session (not yet reflected on this chart) on a momo-fueled overshoot of the 16.25 target with the breakout & impulsive thrust higher in today’s pre-market session.

Remember, nat gas inventories will be released at 10:30 am today & will almost certainly cause a sharp initial rip or dip in nat gas prices so not a bad time to book final profits for those still holding a long position taken around yesterday’s breakout with UGAZ currently trading about 25% above where nat gas broke out above the price channel yesterday morning shortly before the regular trading session opened. Should nat gas pop, instead of drop, on the inventory report, the next & likely final end-point for this rally would be the 2.357-2.376 resistance zone on /NG or around the 17.42 resistance level on UGAZ.