Going to Start a Long Position in UNG

I'd rather a specific natural gas play, but for the time being, this is one of the few sectors I like as a secular long play (longer term).

UNG has pulled back and looks like a decent risk:reward proposition here. I'll probably add about 50% of the total intended position size.

UNG vs Energy, as you can see lately UNG has been doing its own thing, I think this reflects UNG building a large base.

 5-day chart of UNG and recent change in character, not only has the downside momentum slowed, it has actually reversed and look at the volume.

 Below this descending triangle is where I have seen and showed you accumulation in UNG.

 On our X-over screen to weed out false crossovers, there are 10/22 day moving averages on price; there's a custom indicator in the middle window with a 22 day m.a., and RSI in the bottom window, all 3 have to align for a signal, you can see several long crossovers in price that weren't confirmed by RSI and none until this most recent was confirmed by the custom indicator.

 After a crossover, typically the first pullback or first few are to the yellow 10-day ma, subsequent pullbacks are deeper to the blue 22 day, we have a deep pullback and today's daily candle thus far looks like a bullish reversal candle.

 The long term Trend Channel has a stop on the close in the $16.95 area, I might add a little extra room being it is so close to a whole number at $17 where stops would naturally pile up, but to me, this looks like a low risk entry.

 The overall 60 min chart confirming the downtrend and then going positive where I mentioned above and leading positive now.

 Short term intraday charts are also going positive suggesting the pullback is done-2 min

5 min.

So I'll be adding about half a normal position size of UNG, later I will likely switch to a Nat-Gas specific company.