I'm listening to Bernanke's testimony, I can't see who is speaking, but one of the Congressman brought up Natural Gas, it seemed out of place, like a plant. I'm not sure what the F_E_D has to do with US energy policy?
Take a look at the 3C charts, I think this is very interesting as UNG has moved up 1.44% basically since the comment was made!
Look at the divergences in UNG and the timing!
Here's what appears to be a base in UNG, we have had signs of this coming long before it started.
Here we see a typical volume based reversal in the yellow box, large volume and a reversal candle (both a longer lower wick and then a Doji Star on big volume). I have pointed out recently how volume can often predict reversals. The move up is on decent volume.
Look at this 1 min chart going leading positive YESTERDAY! "If" I worked in the Congressman's office and heard that he'd be bringing up Natural gas during the widely watched F_E_D testimony, I "might" be a buyer or make some calls to some friends on Wall Street. That is just a common sense view, the proof is on the chart.
The strength migrated to the 2 min chart, it is leading positive.
Look at the 5 min chart!! This is crazy.
The 15 min chart as well, in fact....
The strength of the divergence rolled all the way to the 30 and 60 minute charts in 1 day!
60 min...
Natural Gas usage at a F_E_D congressional hearing? Huge 1 day positive divergences yesterday?
You decide.
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