UNG Natural Gas ETF now rising from its reversal LONG (XNGUSD )

AwesomeAvani Updated   
BATS:UNG   United States Natural Gas Fund LP
UNG on a 120-minute chart has reversed from a long trend down which started in mid -January.

This was a steep trend down from the start into mid- March where the trend angle lessened in

a period of relative consolidation until May 1st where the reversal occurred. This is a falling

wedge breakout with the trendlines of the wedge in thick red and thick green for resistance

and support respectively. The VWAP band lines have been downsloping. Price is breaking through

the lower band lines and heading toward the mean anchored VWAP line. Price is now above

a EMA 100 Keltner Channel which is now trending up.

I will take long trades here of both shares and call options. The targets are marked with

black horizontal lines from pivots in Jnauary. The are in the levels of 21 and 26 for now.

I would not be surprised if UNG moves up and targets the highs of last October at 30 in the

upcoming months. Many utility companies this summer will be burning gas to generate

electricity needed for air conditioning and demand should be rising.

Trade active:
Zoom In for current trading detail demonstrating obvious bullish momentum:
Trade active:
Wide view with levels and targets
Another day higher. Watching for a momentum stall but full position held.
Trade active:
Bullish momentum continues. Full position. No adds.
Trade active:
10% of the position closed at a profit of $ 1.50 per share. Expecting profit taking on Friday will drive price down a bit and will add into the position then.
AS expected profit taking drove price down and 20% added to the position before
close of the market week.
Adding to the position on the pullback.
Nice price action. Partial profit taken (25% of the position) Targeting $ 20 for another.

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.