An exchange traded fund that holds natural gas futures slammed into resistance Wednesday on very heavy volume at its 200-day moving average.
U.S. Natural Gas Fund (NYSEArca: UNG) paused at the key technical indicator following a rally of more than 50% from the April low.
The commodity fund holds more than $1 billion in assets. UNG won’t exactly follow the spot price for natural gas because it invests in futures contracts.
Prices this week rose to their highest levels in over seven months as warm weather in the U.S. drives energy demand. [Natural Gas ETF Jumps 54%]