UNG Update

For a position that is both a longer term core "Long" as well as a shorter term Call position, while it may not be what I would write for a financial magazine, my title in this case would be, "It's about time!"

UNG is finally making good on numerous signals with an almost +4% gain this morning off the open and it's LONG overdue.

Here are the UNG charts, I'll be sticking with long positions because this is something that has been in the mix and is long overdue.

 UNG on a 15 min chart looks like it did make a deep-diving stop run around 8/8 with significant volume triggered, as of now, that's the only thing I  can see that was possibly holding up otherwise, very positive upside signals. A shakeout of stops on volume like that is very useful to smart money that needs large supply to fill orders and judging by 3C's disposition, they had been accumulating.

The easiest way to accumulate a lot of shares without driving price up against your position and without triggering a lot of interest from retail traders is to simply look for the area with the most stops and run it.

I don't know why retail screams accumulation every time they see a stock rise on increasing volume as it is simply limit orders getting hit, but when stops are taken out, they never wonder, "Who took the other side of that trade and why?"

 The short term 2 min intraday chart is perfectly in line with the gap up and nearly 4% move today.

The 10 min chart has been screaming the last week, UNG is ripe and ready. It seems that stop run was all UNG was waiting for.

The 60 min chart has had a positive disposition overall and especially recently.

Here you can see the original multi-day charts that signaled a change of character in UNG and first attracted out attention to UNG as a long term long play.

During that same area on a multi-day 3C chart, not only price suggested a large base was being carved out, but 3C as well.

I just feel relief UNG is moving the way it should be, there may be an opportunity to pick some up on a pullback, let me know if you are interested.