UNG is very close to signaling a breakdown. I'm already short, but one could short a break of the lower trendline, this morning's low, or the 6.29 signal level. Stops above this morning's high, wave 2, or where ever you're comfortable. Short-term target is the 5.70/.90 region. Longer timeframe targets are in the blue box, and more refined numbers will be posted IF price breaks down.
Be advised, this presumed move down is nearing the end of a long-term correction. Price could respond strongly upward once the pattern completes. Longer-term traders would benefit from waiting for long entry at lower prices.
Be advised, this presumed move down is nearing the end of a long-term correction. Price could respond strongly upward once the pattern completes. Longer-term traders would benefit from waiting for long entry at lower prices.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.