Velocityshares 3X Long Natural Gas ETN (UGAZ)

[dude iligence]

"See the $3.21 that NG flirted with on Friday and now above." NG has been testing $3.21 from above all day for support. It has held all day. This s was level from Dec 2014 when NG was breaking down thru support levels. see chart below





A few days ago NG broke out above $3.1 which was the line in the sand for $3 NG back in 2014. Today hit $3.3 .01 below the 200ma on the weekly chart. Just above that is the $3.35-$3.45 aprox gap from mid Dec 2014. These are hurdles on the way to resistance in $3.6-.70s.



Right now we are waiting on the report tomorrow. Lately the report has created some great ops for intraday swings, last week $4 for UGAZ. If NG dips below $3.21 on the report it will be BUY THE DIP at $3.1.



The report est is below last yr and the 5yr average. This trend has been in place over 20 weeks and storage levels are about to drop below last yr then the 5yr in that order. NG trade is bullish and will continue to be in the near future. When storage dips below the 5yr average the heat will be on and NG will be on the way to $4s

This Shoulder Season Is BUY THE DIP