Tuesday, October 25, 2016

Even Natural Gas (UNG) Has Suprised Me

I called a sell/short on Natural Gas ETF UNG on the 17th of October and that is exactly what has happened, but even it's fall has surprised me! I was expecting support around $8.80 but today it smashed through that and now appears to have broken the long-term uptrend established back in May. The gap down was quite serious today and so a small retracement is expected but this appears to be the beginning of a major downtrend for UNG. The other worrying aspect about today's move was the volume which was well above-average.