Monday, July 16, 2012

16th July 2012 – The gas is on fire!

Buy $

Sell $

Short $

Cover $

Stop Loss $

Profit / Losses

Duration

19.50

 

 

 

17.10

 

 

 temp

Reason for Buy / Sell / Short / Cover:

 

  1. UNG has formed a two bottom formation with the latest bottom higher than the first bottom.
  1. Weekly price has overtake its weekly 20MA for the second time.
  1. Price now challenging its $20.00 resistance line for the second time.
  1. Weekly volume is impressive and all secondary indicators are pointing to more upward moves.
  1. Daily chart shows that price has overtake all its MA lines except 200MA line.

 

Lesson Learnt:

 

  1. This has been a very hard to trade "toxic" gas. Be very careful.

 

Intraday Chart

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Historical Chart

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