UNG Update

After what was probably an initial gap down due to Russian sanctions and an additional move lower on the 10:30 a.m. EIA Natural Gas weekly inventories, UNG seemed like it was starting to recover yesterday afternoon, UNG Update. What I wanted to and would like to continue seeing is more lateral movement to allow UNG to build a large enough base to carry on with the original divergences suggesting a decent bounce, Trade Idea (Short Term/Options) UNG Call.

Here are today's updated charts so far, again, as far as I'm concerned in the bigger picture of the trade ideas, so far so good.

 UNG 3 min leading positive in the flat range started yesterday.

 10 min relative positive at yesterday's range area.

 5 min NG Futures also leading positive

And 15 min NG futures also leading positive right at the range,'

If the range build clear support then there's a higher probability of a stop run just before an upside reversal. I'm not setting any alerts yet as its not a large enough range, but it is something to watch for.