UNG (natural gas ETN) has hit & exceeded T8 (the initial *final target) for a gain of roughly 80%, not including any of the previously highlighted exit (at resistance/early price target/divergent highs, etc..) and re-entries (pullbacks to support within the larger trend) from the entry highlighted on November 1, 2024 (first 60-minute chart below) with the updated 60-minute chart below it.
UNG 60m Nov 1st
UNG 60m Feb 19th
*Remember, my final target remains the 4.90ish resistance on /NG natural gas futures, about another 15% above current levels. Despite favoring more upside, I will no longer include /NG or UNG as a “Trade Setup”, only an “Active Trade” and “Completed Trade” (as the previous targets were hit) as most of the gains have been milked off this trade & the R/R for initiating new positions at this level no longer very attractive.
On a somewhat (commodity-related) note, I took a small, starter position in /OJ (orange juice) futures today as it hit (again, for the 2nd time since Friday) my 324.50 downside price target. Looking for a bounce trade but will add down to, but (for now) not below the 265.50ish support). As with many agricultural commodities, there aren’t any ETF or ETN options to directly trade orange juice, only the futures contract. Daily chart below.
OJ daily Feb 19th