Natural gas (NG) cap has broken out of cup (head and shoulders) formation on a sign of strength on 6/3. This breakout was followed by a test of Gap 2 on a large spike in volume. This suggests that this resistance zone will be retested once the handle or fade is complete.
Natural Gas ETF (UNG)
Where NG goes after that will depend on time, pressure, and movement within the leveraged market.
Connected money has taken profits during the rally. This is common. A reset into the weakness of the handle formation would foreshadow another leg up.
Natural Gas ETF and the Commercial Traders COT Futures and Options Stochastic Weighted Average of Net Long As A % of Open Interest:
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