UGAZ (3x long natural gas ETN) is trading near the top of a likely reversal zone which runs from about 15.85 down to the 14.80ish support. While my convictions on exactly where & even if nat gas will reverse from within this support zone are not very high, I’m just passing this along as an unofficial trade idea for you nat gas junkies (myself included in that group) for now as an objective long entry or first lot of a scale in down to but not below the bottom of the zone with a minimum bounce target around 17.00.
UGAZ 60m Nov 11th
Should nat gas reverse off this support zone, the potential for a run well above the gap resistance around 17 is certainly possible & as such, one might opt to just trail up stops & let the position ride vs. booking profits just shy of the 17ish resistance level. I’ve also listed a comparable support zone on the /NG 60-minute chart below which runs from about 2.64-2.60 in which one could enter or scale into a long position in /NG with a stop somewhat below, targeting at least (just below) the gap at 2.720.
NG 60m 2 Nov 11th