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UGAZ Natural Gas Trade Update

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

UGAZ 60-minute Dec 21st

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2017-03-08T21:19:16+00:00Dec 21, 2016 3:44pm|Categories: Completed Trades - Short, Gold & Commodities|Tags: , , , |6 Comments

6 Comments

  1. joefriday December 21, 2016 3:54 pm at 3:54 pm

    Natty at the 61.8% fib…now.. just below the GAP 😉

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  2. qlikely December 21, 2016 3:55 pm at 3:55 pm

    shorted at the close today

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  3. GetItRiight December 21, 2016 4:08 pm at 4:08 pm

    I tried DGAZ first at 3.95. Stopped out at 3.90. Then entered again first batch at 3.83, second batch at 3.60, third batch at the close at 3.46. Average is 3.63 which is about 3.545 on natgas. Crazy day. Watch out for stop runs at 10:30AM tomorrow when the report comes out. This move was in anticipation of a ~200 BCF draw. Anything below that should drive a good sell off.

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    • joefriday December 21, 2016 4:50 pm at 4:50 pm

      I’m trading futures… but if I were using DGAZ toshort I’d be layering as it moves up inside the GAP area.. Good luck!

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      • GetItRiight December 21, 2016 8:46 pm at 8:46 pm

        I am expecting the resistance area between the bottom at the gap at 3.583 and the reaction highs of Dec 12 and 14 at 3.59x to hold off any further advance, which would preclude me from layering in DGAZ in the gap, that’s why I layered in already. Plus the hourly RSI is currently at 78 so I see little upside right now. Things might change in the morning.
        Although, the price already tapped that area 3 times, so at the fourth tap, it might break through.

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        • joefriday December 22, 2016 3:39 am at 3:39 am

          NG hit 3.645..almost top of gap…but re-treating a bit now..

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