Stop for UNG

In case you are considering trading around UNG rather than just holding it as a long term trend position, here's the updated stop. I'd prefer to use the stop on a closing basis.

 The resistance line above is basically what separate UNG from a stage 1 base and stage 2 mark up. It is not uncommon in situations like this for price to approach resistance, back off and gather some strength and then make an attempt at resistance. You can see clearly by volume that the initial momentum is fading off as we approach a very important level for UNG.

 This is a rather tight stop and it is by design for those who want to try to trade around a probable pullback. For those who are more apt to just hold UNG as it is one of the few long positions I do like as a primary trade, this stop would be meaningless. Currently it is around $18.50, if UNG moves up more tomorrow, the stop will also move up to lock in further gains. The equities mp long in UNG is up over 13%.

This 15 min 3C chart shows the area of resistance at the last negative divergence in May, we have a current 15 min negative which appears to be signaling the probability of a pullback as mentioned last night. I'll likely follow the stop and just keep n eye on UNG's behavior. Honestly if I was too buy and missed the stop I wouldn't be too concerned with holding UNG.