We did not pull the trigger on UNG Friday. This market is too dicey for longs unless it's an 11 on a scale of 1 to 10. You can see in the daily chart that UNG closed above 40 on January 14 and closed the week at 40.50 on Friday. With the stochastics above 80 I want to see that tiny double top @ 40 broken with force before taking a 1/4 position. In the 15 minute time frame you can see the impressive rally from the second point of the smaller W formation @ 37.00 to 40.87. There is a wedge/flag formation developing in the 40.25-40.50 area which portends more upside ahead. On the weekly chart the stochastics are crossing at 75. If I buy UNG at all it will be above 41 with a stop just under the slightly concave 50 dma, but don't guess trade the break.
Link 1:
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=ung&sid=&o_symb=ung&freq=1&time=8
Link 2:
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=ung&sid=2676708&o_symb=ung&freq=2&time=18
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