UNG Update

The last Update for UNG was last Friday, it looked like UNG was headed up to the resistance level, since then that is what it has done.

The question remains whether UNG is ready to break out to stage 2. Right now it doesn't look highly probable that it is coming within the next several trading days, however we do have the Natural Gas report due tomorrow. I have an open long in the equities model portfolio that is currently up +17%, but I'm looking for a much larger primary trend up. Here's what UNG looks like now.

 The breakout level to move UNG to stage 2 mark up-or where UNG is much more likely to trend.

 UNG currently sitting right above that level, but will it hold it? It appears it will pullback, which would be a nice opportunity to add to or start a new position in UNG on some price weakness if you like the trade idea.

 1 min looks like at least a consolidation if not an outright pullback.

 5 min also looks like a pullback.

 As we moved up from the 29th, I was watching 3C for signs of confirmation which would make a stage 2 break out much more likely, we haven't seen that confirmation and a pullback looks more likely.

OVerall, the 60 min's trend is why I believe UNG will eventually breakout to stage 2 mark up and be a good long, trending position. I'll be sticking with the long position even through a pullback and may even add some.