Pretty serious RSI divergence with a triple bottom. George Kleinman would say that’s good odds of a change in the market. I would say it’s nice to be getting close to break-even, with the possibility of moving higher.
For now, winter weather is supportive of storage making withdraws larger than average. If this will hang on for this week, I’ll swing quickly to a profit and be reducing soon. I would like to see UNG at $10.5, and UNL at $8.5. My Webull account balance was near $2550ish at the front end of this latest dip. It is currently at $2464, and I’m holding 190 shares between UNL (100), and UNG (90). I converted some shares from UNL to UNG and I don’t have those averages for each position in front of me.
So… I’m already looking at the possibility of using a stop if something turns the market around to fall again. The moment my account reaches $2550, I’ll start looking at a stop on my entire account, and reduction in positioning. This may happen today.
Daily chart looks to me like it could run into resistance for UNG, but with NGH21 above, it’s breaking through 20MA. It’s a good moment to stay near my account but not to get too quick on pulling out. And fundamentally, there is no reason to sell this yet. Now that you see my mental struggles…
I’ll be watching for a reduction at $10.50 UNG and $8.50 UNL, and will be very touchy as to not go back into the red if prices show weakness now. I feel like prices are in the middle of an up move, with no reason to pull back without a big change in winter temperatures. That becomes a waiting game every day. Just staying prepared with stops this time. Good Luck
I’m at the house today, so no visual update on positions. I think I’ve emphasized enough I’m ready to reduce but to be patient a bit longer.