Tuesday, May 25, 2010

Natural Gas (UNG) - Bullish Engulfment


Today UNG put in a bullish engulfment candle which may be just what this market needs to trigger a rally. As you know I bought some UNG the other day and was patiently waiting for a sign  to add to the position. Today's price action might be the bullish sign I was waiting for.

Tomorrow if today's high is taken out, I will most likely add to my position with a protective stop below today's low.

2 comments:

mrt said...

Not a great volume in UNG today. In GAZ a big buyer came in around 3:00pm. Someone else thinks natural gas is going up.

Anonymous said...

The sentiments are rock bottom and the above average hurricane season starts very soon. The only unknown is how UNG will perform compared to Nat Gas.
Jack

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