UNG

UNG remains in a confirmed Stage 4 decline with lower highs and lower lows, anchoring a bearish medium-term bias. Price decisively broke below key support and is now extended into extreme oversold territory. With EMAs declining and acting as resistance, selling now is unfavorable; we defer trimming until a relief rally into the broken support—now resistance—zone near the 9/21 EMAs, seeking rejection as the optimal execution point.

• ↑Seasonal summer demand surge could boost prices during Q3
• ↑NAV per share $11.93 vs market price $10.55 (~13% discount)
• ↓YTD return -4.08% vs FCG’s +16.69% highlights clear underperformance