UNG Pullback

After a 5.14% gain yesterday, one of the only long term longs I like, Nat Gas /UNG is pulling back with the EIA Nat Gas report due out in minutes, this may offer an opportunity to establish or add to a position.

 UNG intraday 1 min chart pulling back today.

 Our X-over screeen to prevent false cross-over signals, in Feb we had a crossover in the price window, but unconfirmed in the custom indicator in the middle window and RSI at the lower window, the crossover came around late April/early May right in the area of that triangle we were looking at to break out to the upside. Typically the first couple of pullbacks are to the yellow 10-day price m.a., subsequent pullbacks tend to head toward the blue 22 day.

The Trend Channel is long UNG with a current closing stop right around the $17 area, although I'd never put a stop at a whole number.

We'll see what the EIA report does to price, but I like NAT Gas as a long term play.