UNG, one of our favorite long term long positions is benefitting this morning from the EIA nat. gas report...
| Released On 10/11/2012 10:30:00 AM For wk10/5, 2012 |
| Prior | Actual |
| Weekly Change | 77 bcf | 72 bcf |
|
The injection for this week was 72, down from 77 prior and missing consensus of an injection of 80 bcf, thus UNG responded well to the 10:30 release.
Here's UNG breaking out to a new high above our base, we need to see volume pick up to catch the attention of those running volume surge scans as it will lift UNG to stage 2 mark-up, especially on a day like today with a +3.5% gain thus far as they believe smart money is buying. As we know, smart money has been in place for some time, but recently did add.
The 4 hour 3C chart hit a new leading positive divergence in October, so smart money was busy on that last pullback.
The 10 min chart which has been in confirmation should catch up with price shortly.
Initially since the miss was so big, the intraday 3C chart is lagging, I'll keep an eye on it, but as I've said, this is a longer term position already at a +50% gain for some members with no leverage, it hasn't even really started its run.
Here's UNG breaking out to a new high above our base, we need to see volume pick up to catch the attention of those running volume surge scans as it will lift UNG to stage 2 mark-up, especially on a day like today with a +3.5% gain thus far as they believe smart money is buying. As we know, smart money has been in place for some time, but recently did add.
The 4 hour 3C chart hit a new leading positive divergence in October, so smart money was busy on that last pullback.
The 10 min chart which has been in confirmation should catch up with price shortly.
Initially since the miss was so big, the intraday 3C chart is lagging, I'll keep an eye on it, but as I've said, this is a longer term position already at a +50% gain for some members with no leverage, it hasn't even really started its run.
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