UNG Call Leads Huge Trading Week (6 Winners out of 7)
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!
More Top Calls From Mike
Back on July 5, Mike Paulenoff alerted MPTrader members to the bullish potential in MRNAs chart.
With the stock trading at 154.68, he showed the charts projection towards resistance at the March 22 high of 188.33, writing: Just maybe, the 6 month base-accumulation period and pattern carved out by MRNA during 2022 after a wicked corrective-bear phase is starting to make its presence felt technically.
Back on July 17, with ARKK trading at 44.22, Mike Paulenoff commented:
ARKK (Cathie Wood ARK Innovation Fund) ... my attached 4 Hour Chart shows the price structure has carved out a May-July Rounded Bottom formation that is putting upward pressure on a key resistance zone from 46.70 to 48.12, and if hurdled, will trigger upside projections to 58-60...
Since then ARKK in fact climbed to a new 7-week recovery high at 49.
Back on Thursday, July 7, 2022, this is what Mike Paulenoff discussed with MPTrader members about the ARK Innovation ETF (ARKK):
Its Time to take a look at the technical setup in ARKK, putting aside the miserable narrative that surrounds ARK fund manager Cathie Woods performance from the February 2021 ATH at 159.70 to the May 2022 low at 35.10 (-78%).
Back on the afternoon of June 30, just ahead of the long July 4th holiday weekend, Mike Paulenoff posted to the MPTrader.com Coverage List the following chart-based commentary about a forthcoming directional price move in the SPY (SPDR SP 500 ETF Trust), which was trading at 379.38 at the time:
From the perspective of my Hourly SPY setup, todays low at 372.56 followed by the powerful rally to an intraday high at 380.
Back on June 17th, this is what we discussed about the TLT (20+ Year T-bond ETF)when it was trading at 112.53:
The TLT put in a big upside reversal day yesterday (6/16/22) from 107.80 to 111.72, closing RIGHT AT the High of 111.72, leaving behind a Bullish Engulfing Candle on my Daily Chart (not shown here). The last time TLT traded at 107.