Smoking Securities

Half Baked High Finance

Twitter Ticker ($UNG)

with one comment

UNG090611Interest in natural gas continues to bubble on  StockTwits, but as Brian Shannon likes to say, bottoming is a process, not an event. Nevertheless, momentum appears to be reversing as the downtrend that started in July 08 begins to flatten.

A low volume move below 12.87 would really flush out the remaining longs and pave a way for a new bull market. Only time will tell.

UNG remains in a primary downtrend below a declining 20sma, so expect a bumpy ride and adjust your position size accordingly.

Written by chucklesamadeus

June 11, 2009 at 3:04 pm

One Response

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  1. […] scenario I envisioned here – a new low made with weak volume – has come to pass, but due to general market […]

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