Wednesday, January 14, 2015

UNG UPDATE

While we're on Energy, I thought I'd update UNG which has its storage release tomorrow (EIA) morning.

So far, everything looks good....
 60 min shows the overall trend, which is why I've been patient with UNG, as long as it continued to show progress.

 The 15 min chart with what looks like a head fake move/stop run turned rounding bottom with a strong leading positive at yesterday's stop run just under the range I was willing to tolerate, so long as it didn't close below which it did not.

 The 3 min chart shows the confirmation of yesterday's head fake to hit stops and a positive divergence on that move.

And intraday on the fastest chart, we have confirmation with 3C making higher highs with price.

So far, so good. It looks like the worm has turned for UNG/UGAZ.

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