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United States Natural Gas Fund LPUnited States Natural Gas Fund LPUnited States Natural Gas Fund LP

United States Natural Gas Fund LP

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UNG trade ideas

UNG needs a little higher before likely turning back downThis is a dual forecast. Looking at UNG from an elliott wave perspective, it is carving out a 3-wave corrective pattern higher. This lends a high probability that multi-year lows are not yet in. As a reminder, a five wave pattern is needed to signify a new bull trend. I can find no way to count five waves since the 2012 low. To summarize, longer term (weeks to months), UNG should head back to the lows. Near term (days to weeks), however, the C wave in progress is not yet complete until it completes 5 waves on the daily time frame. Right now it appears to be completing a wave 3 of C. The fibonacci projection of 26.43 is a high probability target where this corrective leg higher is proportional to the 2012-2013 rise.
AMEX:UNGLong
by FractalTrader
1
Flat Base Breakout Trade Setup - EducationalFull Credit goes to Jake Bernstein. Jake is a Legendary Futures Trader who has done extensive historical back-testing. He's a best-selling author and Jake has published many of his best trade setups. One of Jakes' most profitable setups is what he refers to as a "Flat Based Breakout". Setup Specifics: 1. Typically find on a Daily or Weekly Chart. 2. Ideally You want to see a significant fall in price of the security your looking at. 3. The Longer price stays in the consolidation phase the better. This creates more buyers and sellers and/or shares traded in this area so when "The Break" occurs the traders who were "Short" have to cover creating a quick and significant move. This is a Daily Chart of UNG (Note: Better Examples Below) which as you can see has fallen from 87.50 in 2010 to a Low of 14.25 in 2012. UNG has been in a Trading Range from 24.60 to roughly 16.60 for over a year now. This has created a lot of "Energy" that could create a significant move when the High of 24.09 is taken out. On this chart I placed 3 Fib Retracements at major Swing Highs to the low of 14.25 (You can tell where I drew the Fibs from the top of the White Dashed Lines. For Fib Values I use 0 .383 .50 .618 .786 1.0 1.272 (Extension) 1.618 (Extension) To clean up the chart I took off all the lines that weren't in a "Confluence Area" of multiple Fib Levels. I find these "Confluence" areas are great Price Attractors. When price breaks above 24.09 the first 3 targets are shown by the White Ovals on the chart. Rough prices are Target 1 = 36.00, Target 2 = 42.50, Target 3 = 50.00 area. I ran across this chart and wanted to Share the Setup so you can keep a lookout for it. After taking a look at a few charts others have shared on TradingView I quickly found several that I thought were better examples than UNG, However, this specific Trade Setup wasn't referenced. Timwest Posted a Great chart of TSLA. Look at the bottom left of the chart. Notice Consolidation area, then a Gap above, Test, then she stock took off. JR Posted a Great example of symbol NBG Notice the price action when you press the "Play" icon to fill in the last 2 months. Can anyone find any current examples?
AMEX:UNG
by ChrisMoody
4
Nat Gas Weekly I know plenty of Nat Gas charts are out there with the recent surge, but I wanted to take a moment to look at the bigger picture. Most charts I've seen are focused on the daily action, so for those looking to establish longer term positions, this is one commodity that looks ripe for building positions. I've provided a rough estimate of the likely price movement with the black arrows, but the main thing to note is the pop through the down trend line from 2011. It's already been basing quite nicely, and now it's above the 50 Week MA. A gap is left at the $20.10 area, so that is likely to be filled in the near term. If it's tested and holds, that's a great place for an entry. Bottom line, the risk is mainly to the upside with initial Fib targets between $25 - $32 and a 200 Week MA coinciding with those horizontal prices. Don't rush into this one. Look into Call options on dips to support areas and even consider selling Out of the Money Puts to back into shares when prices hit support.
AMEX:UNGLong
by TheSessionMaker
5