UNG Update

Yesterday was the EIA Nat. Gas report, it seems UNG fell on that, but it actually was set for a pullback the day before, yesterday's lower prices within a rounding bottom are still looking great, it's still in a buy position as far as I'm concerned, just remember this is a long term long position.

 The yellow arrow is where we took some profits on an apparent breakout of 5+%, but there was 3C distribution, good thing we did as we were able to replace the shares at a lower cost basis and take a profit, the white is where we have been adding back to UNG, it's also a decent place to start a new position.

This is a 1 min intraday chart, very weak signals, but accurate, as you can see as of Wednesday afternoon there was a divergence to send UNG lower Thursday.

At 3 mins there's absolutely no damage to the chart, it is positive and progressing so the divergence above was weak as the timeframe would suggest.

 The 5 min chart shows the lows yesterday actually accumulated pretty heavily with a leading positive divergence.

And the 15 min chart from the time UNG dropped to the current rounding bottom is looking excellent.

I still love UNG, I'd still be a buyer here.