Vaamsy wrote:Cobra, any thoughts on UNG? Its been sitting on the middle bollinger band for 3 days(daily chart). Do you see think it would breakdown since its taking too long to bounce?
short-term to intermediate-term bear to bull: 50 to 50.
the long-term is clear down.
so long UNG here is just a short-term plan.
reason: this rebound already is 2 legged, this 3rd leg (if indeed) already is 2 legged too, so much weaker. therefore you can bet a short-term up that this 3rd leg up could make another higher high but the overall picture is bulls are losing momentum.