Monday, August 3, 2009

UNG - Who Lit Their Gas?

KaBoom! Freaking blew a gap in the price you can drive a truck thru.

60m - You can see the falling wedge the best here. The breakout looks great on all the charts. The 60m is almost spent but should embed given the DAILY and WEEKLY indicators. RSI is popping trendlines which I like to see for a real trend change. The break of the LT down blue trendline (seen in the Daily and weekly charts) and close above it may be for real this time. the concerns are the upper wedge line and the two retracement areas around 14.65 and then the BD line (lower trendline) from the triangle backtest.

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