Wednesday, October 30, 2019 9:25 AM EDT
Natural gas is on the cusp of a Stage 2 breakout if it can get above the $2.75 level and continue to trade on heavy volume this week. Weekly volume is currently tracking at close to 2x the weekly average. Ironically last year at about this time we saw a Stage 2 breakout in natural gas where the price went up over 50% in a short period of time before crashing back down.
Volume in the UGAZ ETF is currently the largest it has ever been over the past few days which is another clue big money could be positioning for a move higher in natural gas. I’ve taken a pilot position in UGAZ and will increase the size if natural gas completes the Stage 2 breakout.
Disclosure: I am long UGAZ.
Disclaimer: The views and opinions expressed are for educational and informational purposes only, and should not be considered as investment advice. The author of ...
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Disclosure: I am long UGAZ.
Disclaimer: The views and opinions expressed are for educational and informational purposes only, and should not be considered as investment advice. The author of this website is not a licensed stockbroker or financial advisor. Nothing contained herein should be construed as a recommendation to buy, hold or sell any securities or financial products.Always seek the advice of a financial advisor and do your own independent research prior to making any trade or investment decisions.
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