UNG Update

UNG / Nat Gas saw a gap down this morning, I'm not sure if that "could" be related to Obama sanctions, but the 10:30 EIA report didn't help as it came in at 107bcf injection vs prior of 93 at 10:30 a.m.

This looks a lot like a head fake move that wouldn't be unusual in the type of rounding bottom UNG has put in, but I suspect it is not a head fake move.

I'm not too concerned yet, as long as the intraday action keeps moving in the right direction.

 This is the move below the long term range at the top trend line and then this morning's gap on the open, but most of the damage came at the 10:30 EIA Nat Gas inventories.

 Here are the inventories

So far the accumulation today looks pretty good.

The 2 min chart is seeing migration already as well

And the biggest thing UNG still has going for it is the long charts like 30 min above, this is still the highest probability near term resolution.

As long as this stays flat and accumulating, UNG should be fine.

The last 1 min chart capture.

Since capturing these, I just saw UNG making a move on volume.

That's much larger volume than any downside volume, someone is obviously attracted to prices down here as they were at higher levels before today