UNG Update

UNG gapped up nice this morning, but is up (even with the pullback) 6% over the last 3 days. We saw a break away gap in UNG's update yesterday that didn't get filled, this one however doesn't surprise me at all.

 Right where UNG opened there's another one of those area like the lower trendline which doesn't look to be a big resistance area at first glance, but this area has seen at least 3 major gaps which are just being addressed today, and at least 5 or 6 resistance spots and I haven't even gone back further in to the chart so no big surprise this gap gets filled and a little consolidation builds in, actually for the long term health of the move I'd rather see it consolidate here rather than become over-extended.

 Intraday, so far a typical gap fill, but that' not really a consolidation after a 6% run in 3 days, we'll keep an eye on it, I'm not concerned about it at all, but maybe there's some opportunities for those who'd like to get involved or add.

 The intraday 2 min chart has been in line making higher highs with price until this morning's open, this still isn't a big sign of distribution, this is more along the lines of profit taking or setting up a consolidation.

The 5 min chart has been confirming UNG very weel, it still is, I just want to watch the possibility of a lower low being made here in 3C, it wouldn't be a problem unless it got really out of control, but it would likely tell us a bit more about what comes next as far as a consolidation, a gap fill, a pullback, etc.

However so far, so good.