The Natural Gas Bull Market May Have Begun

Long

UNITED STATES NATURAL GAS FUND LP (AMEX:UNG)

AMEX:UNG UNITED STATES NATURAL GAS FUND LP

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UNG had a spectatcular move the other day (once again I was on the wrong side of the trade but I the ship has been corrected). Rather than buying shorts after a rise in UNG , it appears like a bull market is starting so dips must be bought. The massive descending triangle going back to 2017 seems to have been broken with an open and close on the daily charts . Worringly though there appears to be a small bear flag on this breakout, so don't get disheartened. So long as we stay above the maroon line we should be all right.

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any update?

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meetthegrass

@meetthegrass, Good question, it's certainly holding and all the stochastic indicators are above 80 so I hope for a move down but let's watch the overhead resistance closely to see if we need to close out

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Great chart, illustrates the typical NG behavior of temporary flags and rips/dips. Today was an unexpected breakout for sure, weather outlook heated up significantly for the next two weeks with today's data, which could be fleeting/incorrect ultimately. Look for real time spot price to decline as we head into Aug 19-22.

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queso_lord

@queso_lord, I'm watching that overhead light green line which might signal the reveral but overall rectently it appears to be a bear rising flag!

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