Oil and Nat. Gas ETF

USO, the US oil fund ETF shows signs of basing since February. High volume in January and February can be a sign of Accumulation. Watch out the for the break above $33.

USO daily

UNG, the US Natural Gas ETF is in a clear down trend since last July. I have marked the bounces off the down channel. The present bounce is still within the channel. But something has changed. Note the increase in volume since end March. It may be a sign of Accumulation. So watch out for an upward break of channel. Strong volume will indicate decisiveness of the bulls. It may try to make a base initially; either way it looks like the downward trade is ending and bullish to sideways strategies will come in handy.

UNG daily