After two reactions off the recent T2/final target level, UNG (US Natural Gas Fund ETF) has taken that resistance level out. Should this breakout stick, UNG is likely headed towards the 7.18 level & quite likely beyond. I'm still considering adding back UNG as another official Long Swing Trade trade idea as well as a [...]
The UNG (Natural Gas ETF) Long Trade idea has hit T2, 6.84, for a 13.8% gain in just 7 trading sessions. This is the final target although I may likely add UNG or one of the leveraged nat gas ETFs as a new Swing Trade & Long-Term Trade idea soon, ideally on a pullback. Previous [...]
After recently reaching & slightly exceeding the first price target, the UNG (natural gas ETP) Active Long Trade is taking a little breather as it consolidates here in the gap zone which T1 was set at the top of. Blue line is the near-term uptrend line in which a tight stop could be set (60-min close below is best) with an alternative stop on a 60-minute close below the S1 horizontal support level (orange line). I am still considering adding additional price targets to the UNG trade & will likely add a new entry for a Long-Term Trade (i.e.- trend trade or investment) in UNG, should we get a pullback soon.
UNG (US Natural Gas ETF) closed at it's HOD of 6.42 yesterday, 3 cents shy of T1 & gapped to open at 6.50 today, which would be where any standing sell limit orders would have filled. Any time a trade gaps beyond a target (or stop) the opening gap is where any GTC orders would fill so that is the number used to calculate the gain (or loss) on the trade. This provides a quick (under 3 days) gain of 7.6%. T2 remains the final target at this time although additional target may be added.
The following trade setup, along with specific entry criteria & price targets is for UNG, the US Natural Gas Fund ETF. The daily chart along with the reasoning behind this trade idea below.