There are a number of bullish signs that point to a move higher, and I’ve not included the 30 minute chart that looks very good as well. However it pays to be aware of both scenarios and should this chart breakdown from this wedge formation it would be much lower prices. UNG continues to be a difficult trade because of how erraticĀ it moves. Often times I just stay away, however I may try a trade long here as many stars seem to be aligning up.

  1. Constructive bullish wedge forming with chart appearing to bounce off lower trendline
  2. RSI in a very tight range, and a BO either way is coming soon.
  3. ADX is at very low levels and right now it’s not showing it’s hand which way it’s going to break, but trust me when I say a big move is coming. The last time it was this low (January) and the ADX started to move, it went from $24 to under $13.

djta

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