UNG short term bull trend reversal.
Got into this trade yesterday, but wanted to share. Starting on Sept 6/7th TPO graph was spending more time moving higher, PoC reflects that & a TON of SP's on the downside.
Consolidated yesterday just under lower band of vwap (quarterly) & with today's move it is now sitting just above vwap (q) and seems to be using it as support. Will monitor to close.
Using 20/50/100/200ema as support now with today's move. Last time I got caught holding 40% of my shares when UNG hit $8. Be careful with that level, monitor.
As usual chart times frames are from daily down to 5ming. I mainly use 15min-1hr.
Vwap I tend to use quarterly but also vary time frames for confirmations and/or trend reversals.
Thanks & happy trading!
Consolidated yesterday just under lower band of vwap (quarterly) & with today's move it is now sitting just above vwap (q) and seems to be using it as support. Will monitor to close.
Using 20/50/100/200ema as support now with today's move. Last time I got caught holding 40% of my shares when UNG hit $8. Be careful with that level, monitor.
As usual chart times frames are from daily down to 5ming. I mainly use 15min-1hr.
Vwap I tend to use quarterly but also vary time frames for confirmations and/or trend reversals.
Thanks & happy trading!
Comment:
Based on UNG futures chart, I expect a down day tomorrow. TPO shows more SP's on upper end & RSI is sitting at 70 on he 30min. Will monitor to close but a breather makes sense considering todays move.