UNG Update

I've had some questions about adding to UNG as it is above a serious resistance level and would seem to have broken out. The fact is, only stage 2 mark up is going to move UNG higher, that will take retail getting excited, volume flowing in, traders chasing UNG and right now I don't think sentiment in the market generally is focused on that task. I still love UNG and am still holding it as a core long position for the longer term at a decent 24.5% profit.

 UNG change in character

 UNG apparent base pattern

 1 min intraday chart

 3 min intraday.

 The 15 min chart has improved a lot recently going from negative to a positive divergence to an in line stance with price or confirmation.

The longer term hourly chart is still looking quite impressive, suggesting UNG is still in a stage 1 base, stage 2 mark up is where most of the gains would be found.