UNG Update

UNG REALLY needs to convince this time, it's just getting started on the reversal process and so far so good, but it really needs to impress before I would consider adding back any of the shares exited in order to avoid this recent plunge.

 We have a 15 min leading positive divergence in UNG, that's nice, but this time UNG needs to show it can build more on top of that.

The first rounding base gives you some idea of the scale although it's a bit larger than I'd expect for the preceding trend down. The current "U" base has a good start with the chart above this one, but it has more to go and needs to build on that divergence. If it can do that, we should get some head fake/shakeout move before it heads higher and that would be the time I'd evaluate UNG for a new position or adding back the shares closed before it dipped too much.