UNG Call Leads Huge Trading Week (6 Winners out of 7)
by Mike Paulenoff
June 11, 2016 • 12:00 AM EDT
On May 31, Mike pointed out that the U.S. Natural Gas Fund ETF (UNG) had broken out of its Jan-May down trendline in the vicinity of 6.75. He noted there was still heavy resistance to surpass in the 7.05 to 7.45 region, a move through which would confirm a near/medium-term bottom.
Mike added UNG that day as a trade set-up at 6.86 with a target of 8. The next day the stock gapped up to 7.13 and reached as high as 7.90 on June 9.
The trade was one of 6 winners for Mike out of 7 since Tuesday, including:
-- WLL entered long 6/01 at 12.20... Exited 6/07 at 13.77... +12.9%
-- UNG entered long 5/31 at 6.86 ... Exited 6/08 at 7.49... +9.2%
-- SLW entered long 6/03 at 19.97... Exited 6/08 at 21.27... +6.5%
-- CHK entered long 5/24 at 4.00... Exited 6/09 at 4.69... +17.3%
-- LNG entered long 6/06 at 33.73... Exited 6/09 at 37.23... +10.4%
-- UNG June 17th 7.50 Call entered long 6/08 at $0.17... Exited 6/09 at $0.44... +159%
A huge trading week indeed!
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international
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