Monday, November 16, 2009

UNG - Time To Go?

Looking at this 60m chart, I'd say it may be time to take a shot. Price action and position of price and the indicators all favor a go signal here. Keep your stops tight. I'm looking for $11 first - then we'll talk about the 14.41 retracement and the second gap and then the possible IH&S target. The weeklys look to be turning and holding their divergence to price which is bullish. I'm now long a full position in UNG with stops 8.90.

You can see all my UNG charts in my chartbook link in my blogroll. CAUTION - NATGAS did set a bearish engulfing candle following a shooting star. Thus it is possible this pop may be one and done. Keep those stops close.