After hitting & holding on the 33.00 support level throughout yesterday’s trading session, UGAZ (3x Long Natural Gas ETN) has now bounced back to the 41.40 resistance level which is likely to contain this near-term oversold bounce with a slight possibility of a continued move up to the 41.16 (R2) level before the next thrust down to the final target at 31.44. 60-minute chart:

UGAZ 60-minute Dec 21st

UGAZ 60-minute Dec 21st

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