UNG Update

Last night and over the last several days of last week, I have been noting the subtle changes in character UNG has been undergoing, leading to a nice gain of 9+% yesterday. I wrote about UNG last night as well... and warned not to take any consolidation or pullback as a negative event, we rarely see "V" reversals.

 UNG hit long term resistance at the 10-day moving average today, it's not unusual or a problem. As you can see volume led to a crescendo which looks a lot like capitulation, after that we saw some nice bullish volume and a great price move yesterday, today's volume thus far s not alarming.

 Here is yesterday's short term negative divergence suggesting some resistance near the 10-day m.a.

 The 15 min 3C chart has shaped up nicely and is currently leading positive, this is a huge change for UNG.

 Even better, the 30 min above and 60 min below both have changed for the better and put in relative positive divergences followed by the most powerful leading positive divergences.

 This is the 60 min Trend Channel, it would be nice, although not imperative, if price could hold above the lower channel on a closing basis.

From a swing trade tactical view, the white arrow marks our pivot, its highs were exceeded yesterday. The green trend line holding on a close would be encouraging as UNG will likely pause briefly to gather strength to break through the 10-day m.a. Ultimately we want t see the red trendline hold which is the lows of the pivot.

So far, so good.