UNG update

Here's the last update on the UNG long trade idea from Friday...

 UNG has recently seen a change in character in trading, I've mentioned several strange things such as the Congressman asking Bernie during Congressional testimony to espouse the virtues of Natural Gas even though Bernie has nothing to do with Energy policy, but it was a nice time to give props while virtually every trader was listening to his testimony. The trend and volume itself suggests something was up as did 3C.

 I view this as a base and the area in yellow as a shakeout because we saw 3C positive divergences on the shakeout move. UNG was held up Friday at resistance of a small consolidation (red arrow) and today, thus far, has broken through with a 2+% gain.

Here's the congestion area on a 15 min chart.

If you like the idea of the UNG trade, this may not be a bad area to add or initiate a trade. I may add some to the model portfolio later if I have time. I'd like to see a test of former resistance first.