"This is a long term long position", it's not a trading position.
If you spend too much time trying to thread the needle here you'll be left behind.
I think this is as good an area as any to start or add to a long in UNG, just remember it's a base, it's volatile, it's longer term."
Today UNG proved me right with a decent +4.76% gain, but for those who have been following UNG with me for a while, you may have a 25-40% profit in a stock that really hasn't even broken out yet as far as I'm concerned.
All of the charts that really matter as far as UNG goes were in yesterday's update and not much has changed today other than the price gain. We may see some gap filling as that has been the trend for well over a year in just about every asset, we do have the EIA Natural Gas Report Thursday morning. To me, this looks like UNG is done with the last pullback and should be starting another leg up.
We are still looking for a strong breakout with heavy volume, that should mark the start of the Stage 2 mark-up, that's when UNG will really put in some gains.
Quite often we look for the very best entries and exits, but as I said yesterday, this is one that you don't need to get too fancy with.
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