Hey friends, UGI CORP is in a bullish configuration with a return of executed buy volume and a hammer candle. Looking at the TIMEFRAME M1 we see a marubozu with a low volume of purchase issued, it goes towards the top of the comfort zone to test it. There is a good chance of breaking out the zone then subsequently the zone to land in the next one. In order to test...
It broke out of that wedge and it retraced. It tried to go back up but then was rejected two more times so far. I'm hoping to get in at $35.63. My risk is $34.25 which is not too bad.
I saw that there was a lot of insider buying at $33 about a month or two ago (according to Finviz).
I'm hoping that it breaks above that resistance line if it does go back up.
Clear rupture of the static support for this descending triangle .
Interesting Risk Reward Ratio, if we think that our target is on the level of the previous retracement, and we position our Stop Loss just after the maximum of the Breakdown candle.
Bullish divergence of price vs. momentum on the 4H chart. Past divergences provided by my indicator ("jeddingen divergence") were accurate. I expect price going up to the monthly pivot.
There is a bearish Jeddingen Divergence (Price vs. Momentum), RSI was overbought and MACD + signal line are about to cross.
UGI might fall to the monthly pivot.
UGI has spent 2016 confirming long-term resistance as support. Cumulative buying pressure is contracting suggesting a pullback to test demand (support). No signs of a "buying climax" yet.
