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nick.holland78
Mar 28, 2016 8:11 PM

UNG - 1h Short

United States Natural Gas Fund LPArca

Description

Price remains between signal levels which remain unchanged. Over 6.65 indicates possibility of something bullish - possibly the start of a motive wave off the lows. Below 6.16 then bearish potential for new lows.

While I remain short, a portion of my position stopped out earlier today. Decline off recent highs has not developed in a clearly impulsive fashion, and bullish potential must be acknowledged, especially if 6.65 signal level gives way. Note positive divergence on MACD. Bullish potential shown in pink.

Chart in log scale.
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