Thursday, July 7, 2011

Natural Gas ETF (UNG) Channel Break **REQUEST** 7/7

To the left is a daily chart of UNG, a natural gas bullish ETF. We can see that back in the late part of last year and early part of this year we were forming a bullish channel (in yellow) that eventually broke hard to the downside. After making some new lows it started back up into a bullish channel (in green), but this time a little less dramatic of an angle on the channel. I think I might of missed the boat on this trade as it seems to have already broken out, but still might not be a bad trade if there is any pullback to get in.