UNG Position Update

Our UNG calls from last Thursday, Trade Idea: (Swing Trade +) UNG / UGAZ, were already looking very good for a move higher after a strong, beautiful reversal process. Friday I posted, UNG Should Lift Off Next Week and this morning they are up nearly +35%. This looks like the move is just starting.

 For those who like Wilder's RSI, this was a picture perfect bottom. Today's gap up lost some early momentum as the 1 min 3C chart didn't confirm immediately, but it's now moving in the right direction.

 1 min chart

The 3 min chart shows why we come back to the faster timeframes for timing purposes, the positive divergence started the move higher and is now leading positive much higher.

 The 10 min chart is a picture perfect positive divergence/accumulation. The divergence here actually goes all the way out to 60 min, but this is where it is most developed and why I'd still characterize it as a swing type trade, maybe a couple of swings.

Right now my first target is back inside the range it fell from around $25, however because I chose Aug16th calls, I may exit as momentum slows, a UGAZ position I'd be willing to hold on to longer.