UNITED STATES NATURAL GAS FUND LP

Large volume and a wick after an extended down move in Natgas. Also forward curve is bullish relative to spot price. Don't buy UNG because of the roll decay, buy the spread NGH2018-NGJ2018.

I little bird landed on my shoulder ...

First target $9

UNG above this line is a long

UNG Weekly Chart, oversold at lower BB and support!

Watching this channel for a breakdown. Want to see above-average volume. Below 5.90 means another big push down. Watching DGAZ

https://www.tradingview.com/x/WV1gCRGZ/ fib 0.618

inverse s.h.s very bulish, high probability to see at list 12$ on ung very soon.

trend

all triple and double ETF's such as UGAZ and UVXY always head to zero quickly. They are only short term trades. UNG does not have major support until it gets into the $7.00 to $7.15 range. Once the UNG gets to this range, buy UGAZ, expecting a sharp bounce and able to multiple the gains 3X. This will be a quick bounce and not something you want to marry for months.

new possible sideways channel

natural gas, if down, may go to 8

Looks like an inverse head and shoulders pattern to me.

Upside weekly play looking decent here. Long: MKT Target: TP at 3R+ Stop: 8.15

Even though I don't anticipate doing much trading this coming week running into FOMC, old habits die hard, so, as usual, I'm running through underlyings for possible premium selling setups. With exchange traded funds, I'm looking for a rank >70 and general implied volatility >35; with individual stocks -- rank >70, implied volatility >50%. Top Implied Volatility ...

As of today, UNG is still in the downtrend. You should keep watching the move of the next few weeks to make the judgement.

I plan to let this one set up, but eyeing a long entry for the heart of presumed wave 3 off the lows. Retrace may not be as deep as I've depicted. Taking out the recent high after an initial 3-wave correction could indicate the rally has begun. Higher high could also be a (b) wave in a flat, so I'd put my stop at whatever low is forming.

Had a position during the heart of (iii) and let it go too soon. Gonna wait to see if wave 1 tops and we see a consolidation in cir-ii.