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UGAZ

CHK short term jump, then H&S ReversalAs I mentioned in my Natural Gas Forecast, I believe that Natural Gas is ready to move up, so I decided to check out CHK which I believe is in the NG business. It appears that CHK is nearing the bottom of a descending wedge with the potential to break out and form a great H&S reversal pattern. The hourly waves are all in good position and the Day wave is about to turn positive. I expect the move to begin in the next day and last for a few days. The price action also looks very similar to where it was on 4-08-16, which is when it jumped 60% in just a few days, which is what I believe it is going to do again.
CLong
by gLloW
Natural gas or oil provides more return in this recovery?One of the great feature I like with TradingView is the ability to compare different ticker via arithmetic addition/division/subtraction. From here, I'm comparing between UNG and USO. Since both are directly related to energy, tough choice huh? Charting it out helps a lot and we can see a clear breakout trend between the ratios! Clearly Natural Gas (UNG) might possibility provide the best return for your money on energy as compared to Oil (USO) over the long run. ------------------------------------------ ** Note: USO have been severely under performing since 2008 after the recovery of oil price due to the price difference between each month's oil futures contract. It will not be a clear reflection of the actual market. This is only if you're considering between USO or UNG. Try it out by charting other ETF/ETNs/stocks by yourself!
BATS:UNGLong
by LastBattle
2
Natural Gas ready for seasonal run upUGAZ spiked up on fundamental news last week, but dropped aggressively on Friday to test for supply before breaking out higher. The large players are not willing to mark up prices until they are sure that all the selling has dried up and they did this by gaping prices down to force the bears to show there hand. The volume was so low which means the bears are not interested in selling and the institutions have bought as much as they could on Friday. Now that the big boys know that there's no more sellers, they will be confident in marking up prices to the next level to fill the gap or higher at 22. Then price may fall back down to test the breakout level or keep going if price fails to drop. My final target is at 27 which is the fair value price on the monthly charts. As long as traders are willing to pay above fair value then price will rise to $22. Stop loss is at 14.50, first target at 21, then the rest at 22 for next week. Once price breaks out above 18.72, there's no major resistance until 22. Price is also back to the level of before the bullish fundmental news and the fundamentals have not changed so we are buying at a bargain. Worse upside target is price going back up to 18.72 the day of the news release.
ULong
by EliteTrader101