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 [...]
I'm walking out the door to leave town for a couple of days but will try to reply to any questions remotely and post any significant developments that might occur in the markets. I had a request from @ixtlanian in the trading room for an update on UGAZ. It appears that the recent bounce off [...]
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 [...]
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 [...]
Although I still favor a move down to at the 3.77 area in natural gas futures, should these current 60-minute bullish divergences on $NG play out, that could bring prices back up to the 3.55-3.60 area before the next thrust down towards that target. This $NG 60-minute chart is reflects today's pre-market trades while the [...]
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 [...]
The following notes & chart is an update to the Active Trade on UGAZ, the 3x long natural gas ETN) including key support, resistance & price target levels.