So, looking at UPL I have very mixed feelings about the stock.
It could go one of two ways:
1) Looking at the hanging man candlestick it would appear bearish for 3 reasons: a) That .26 area is the last
downtrend hold line (which it fell through). b) Opening the 5th July it hit the same prior support and fell back down.
it eventually jumped above it as trading went on (good). c) Hanging man suggest sell-offs at the close (5th July). Resistance at .30 was major (also another prior support area).
2) The good news? July 3rd the volume on down was low. Volume at close could have been higher, but compared to previous lows/highs it isn't overly suggestive. Additionally, the good news is the stock is still well above the 50MA and 200MA with both trending upward. If I were to guess the 50MA will hold support considering that as of right now there is nothing suggesting the 50 will cross back over the 200.
NOT TRADING ADVICE: In my opinion, though opening low, the stock will find support at .26 for another run at .31 . I see nothing indicating that the stock will drop within the next few days. Downside is that Natural Gas (though in a "boom" atm) are extremely volitile because of market disruption by Environmentalists and Emerging "Green" Tech. This stock would be a good swing or day trade but nothing to throw a party over in the long term. Chances are it will probably top out at about .50-.55 cents. If it finds support at .31 that is nearly 50% profit if you buy in near there (NOT ADVICE).
It could go one of two ways:
1) Looking at the hanging man candlestick it would appear bearish for 3 reasons: a) That .26 area is the last
downtrend hold line (which it fell through). b) Opening the 5th July it hit the same prior support and fell back down.
it eventually jumped above it as trading went on (good). c) Hanging man suggest sell-offs at the close (5th July). Resistance at .30 was major (also another prior support area).
2) The good news? July 3rd the volume on down was low. Volume at close could have been higher, but compared to previous lows/highs it isn't overly suggestive. Additionally, the good news is the stock is still well above the 50MA and 200MA with both trending upward. If I were to guess the 50MA will hold support considering that as of right now there is nothing suggesting the 50 will cross back over the 200.
NOT TRADING ADVICE: In my opinion, though opening low, the stock will find support at .26 for another run at .31 . I see nothing indicating that the stock will drop within the next few days. Downside is that Natural Gas (though in a "boom" atm) are extremely volitile because of market disruption by Environmentalists and Emerging "Green" Tech. This stock would be a good swing or day trade but nothing to throw a party over in the long term. Chances are it will probably top out at about .50-.55 cents. If it finds support at .31 that is nearly 50% profit if you buy in near there (NOT ADVICE).