Thursday, October 27, 2011

UNG Chart Request

First off, I'm sorry it took so long to get to.

UNG reminds me a lot of URRE-the pattern, the signals, etc, just not quite as mature yet.

 URRE had avery similar price pattern to UNG-a bullish descending wedge. There is a base forming to the right of the wedge now.

 Here's the daily chart, which also looks a lot like URRE's daily chart just before it broke out this week.

 The 30 min seems to confirm a base being made
 As does the 30 min chart

 The 15 min hart is what makes me think it's still a little immature yet and I would expect price to bounce back and forth in the range for a bit longer, however, watch for any breakouts on expanding volume.

Here is URRE for comparison (daily), it didn't build the same base as UNG, but looks very similar on the 3C daily chart.

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