Replies to post #22107 on Velocityshares 3X Long Natural Gas ETN (UGAZ)

[dude iligence]

$2.20 is the bottom of the trend line NG needs to bounce from here. If NG goes much below $2.2 and closes we could be looking at a $2- $2.02 double bottom retest. About a 10% drop in NG, 30% UGAZ then if the Contango is still .20 Nov would be $2 and Dec $2.2. This could take a couple weeks then the contract would roll from Nov to Dec and then unwind putting NG right back at $2 and UGAZ would lose up to another 30%. Been there seen this before in 2015-2016. Best case senario NG bounces from here back up to the 50ma at $2.33ish does a trading range until a scary dangerous polar vortex rolls down from Canada. Which is the path of least resistance at this pt?

[kei]

i knew it - NG bottomed yesterday.

i think NG bottomed at $2.204 yesterday - when everyone started talking about negatively, it is the bottom.. i picked up more UGAZ at $12.40 ... i didn't expect but my order got filled.