FractalTrader
Long

UNG long setup for Mon-Tue

BATS:UNG   UNITED STATES NATURAL GAS FUND
73 0 1
I count 5 waves up in UNG             , which implies at least the one higher degree trend is up. One more dip will complete the ABC retracement of the last move up. Any move below 20.84 should be sufficient to complete the pattern, however there are a few likely fibo targets shown, my preferred being 20.70 due to a fibo cluster in that area. Should price bounce from this area without taking out last week's low, a good long trade sets up with a 22.10 initial target.
Things to watch out for:
>price trading higher before hitting downside target. Above 21.20 would cause me to step aside until I understood the pattern.
>new weekly low under 20.50 breaks the proposed pattern as well.
>should price break above 21.36 and 5 subwaves develop on divergent momentum prior to my price target, I would exit the trade at that time.
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out