I still have the straight UNG long at about a 14% gain, I view this as a long term position. After the slight break above resistance this week there were 2 options, 1) UNG made a slight pullback, gathered steam and went for a breakout from the stage 1 base to stage 2 mark up and the second option was a deeper pullback to the diagonal support trendline of a large ascending triangle pattern.
Lets take a look...
There's the trend line I mentioned for UNG, it was either a small pullback and go for it or a larger one, earlier yesterday before the "event" I thought a deeper pullback, now I'm not so sure.
UNG 1 min leading positive off a strong positive yesterday on the pullback we've been expecting.
The 2 min is leading positive above the recent failed breakout attempt.
The 3 min is positive from yesterday and also leading positive-you see the migration through the timeframes?
The 5 min is leading positive and we already know about the longer charts...
The 30 min looked like a deeper pullback, but
The more important 60 never went negative.
I'm holding UNG either way, but a break out above this level should send UNG in to stage 2 mark up and there should be a trend there.
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