UNG Should Lift Off Next Week

This post is from over a week ago spelling out what we were still looking for in UNG before it made for a good long candidate, the gist was a reversal process... UNG / UGAZ / DGAZ Update There are several charts in this post from last week drawing in what we expected to see and thus far it has happened exactly as spelled out over a week ago, the only thing we haven't seen is a head fake move.

 We have a large 10 min leading positive divegrence in UNG, I don't think this is going to lead to a primary uptrend, but it has a big enough base to easily test the former range in the $25 area, thus leverage whether it be UGAZ or Calls is preferable to me.

The daily Trend Chanel that held the entire downtrend is VERY close to breaking and being in a long/uptrend, $21.50 or so is just about the area.

If you look at the chart, I don't even have to draw it in, the reversal process (a rounding bottom) is very clear.

If there's no head fake move (which should have happened by now) I suspect the rounding bottom will just keep moving toward a break to the upside and that looks to be rady early next week. I have a UGAZ position (3x long UNG) already in place.