/NG (natural gas futures) took out the minor uptrend line on a gap down last night, extended the positive divergences that were in place at the previous low. Still awaiting a solid break above 1.89 for the next buy signal.
NG 60m Feb 10th
Likewise, UGAZ (3x long nat gas ETN) has gapped down below the suggested stop for T1 but still above the maximum suggested stop (T2/final target stop) with the positive divergences still intact for now. While UGAZ remains an Active Long Trade for now, I think it would be best holding off on adding to or taking a new position (for those not already in the trade) until & unless we either get some type of bullish reversal candlestick reversal pattern, evidence of a likely selling climax, and/or a solid break above that 1.89 resistance level that I’ve been highlighting on /NG recent.
UGAZ 60m Feb 10th