It’s hard to be still right now. I’ve placed a stop on UNG back at $17.5, my break even price. I am going to take a chance on the entire position. If the account were $100k or more, I would be reducing, maybe even half of the position. The price does seem to be moving a bit fast, and never moves straight. I’ve drawn a pink line where I feel the price of NG could correct to. Maybe not today, but at some point along the way. I haven’t studied this so much, but I know that when the price moves too fast, it will correct. I hope to learn a better way to gauge this soon. So the pink line is base on previous moves, where corrections happen while the trend continues higher. In other words, this slope looks more accurate to me than the current price trend.
The following image is an interruption, because it’s Friday. I feel the need to share this when it happens.
In short, looks like production is continually weak. Temperatures in the Northeast have been quite cold the last couple of days. This could be contributing to some freeze-ups with production. The weather forecast, according to the map, is still teasing us with some cold coming, but has yet to be reflected in big HDD numbers. This could come with perfect timing over the weekend. I can’t count on this, but just say it would be nice. The rest of the story is about the same as the last couple morning updates. Be sure to go back and read that last few days if you haven’t. Hope everyone has the best weekend ever.