UNG has collapsed to a point where producers will take drastic measures to curb production. There is a bullish narrative here for this being bottom that I won't get much into, but I only throw this out there because I like to trade when the fundamentals and technicals both line up to suggest the same price movement - in this case a monster rebound. Bullish divergence on RSI and on the inflow charts, big volume coming at the bottom. These are all the signs of a reversal - $10.80 is my target. From there I will figure out if I want to hold or cut.
Best of luck
Comment
⋅
Massive volume on today's daily, this is exactly what you'd like to see at a bottom. My avg is 7.40, looks like at least a 45%ish upside from here to my first target.
3 waves move up to $12-$14 is my target...matches up with 50 MA test in the next few weeks. Ultimately around $3 by the end of summer for some long-term accumulation.... for some reason, I find UNG pretty difficult to short. Too many gap up/down etc.
AlexandreCarvalhoUSA
⋅
Wave down you mean?
stonkasaurusrex
⋅
@AlexandreCarvalhoUSA yes I meant to type the opposite of everything I wrote here 😂😂
Acscerca
⋅
@AlexandreCarvalhoUSA what happened all-knowing one? Cat got your tonque today? Price above $8 and I have 60x June 10C's