In the comment section below today's Index & Sector Analysis video, in which I briefly touched on natural gas, member @murphydoc inquired: 'So is Nat gas a buy? What would be your target?' Although I'm personally long nat gas, I decided not to add it as an official trade idea because I'd prefer to see the charts firm up a bit more before doing so. Although my entry was based on what I think was a sound technical case, it was most certainly an aggressive, 'catch-a-falling-knife' trade. Fortunately, or at least so far, I was able to go long right at [...]
After hitting & holding on the 33.00 support level throughout yesterday's trading session, UGAZ (3x Long Natural Gas ETN) has now bounced back to the 41.40 resistance level which is likely to contain this near-term oversold bounce with a slight possibility of a continued move up to the 41.16 (R2) level before the next thrust down to the final target at 31.44. 60-minute chart: UGAZ 60-minute Dec 21st
This video reviews all of the official trade ideas, both long & short, that are currently listed as Active Swing Trades on Right Side Of The Chart. While the majority are still Active Trades, several of these trades have already hit their final price target or exceeded their maximum suggested stop & will be reassigned to the Completed Trades category asap. I wanted to cover those completed trades as some still look good & most importantly, suggested price targets & stops are just that; suggested. Traders & investors might opt to use their own targets & stops that are inline with [...]
Member @ben711 inquired in the trading room if the UGAZ was still an active trade. My reply: Yes, I considered closing the nat gas short around the open today, both personally & officially by revising the target slightly higher but decided to stick with the final target of T2 at 31.44 on UGAZ. If you pull the last 60-minute charts of UGAZ & $NG (futures) that I posted, you’ll see that both hit the support/targets that were just above the 31.44 level on UGAZ. Certainly a very objective level for you to have booked profits on UNG but I had revisited [...]
The UGAZ (3x Long Natural Gas ETF) Active Short Trade gapped below T1 to open at 35.26 today, which is where any standing BTC limit orders on the Active Short Trade would have been filled, thereby providing a 25.5% gain in just 5 trading session. Consider booking partial or full profits and/or lowering stops, depending on your trading plan. T2 (31.44) remains the final target at this time. Previous & 60-minute charts of UGAZ below & I've also included a 60-minute chart of $NG with some support levels/potential targets for anyone trading nat gas futures.