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
On Wednesday, September 7, during one of Mike Paulenoff's frequent intraday updates of the E-Mini SP 500 futures contract (symbol ES) to keep MPTrader members informed about dominant near and intermediate-term trend direction in the index and the SPY ETF, Mike posted an important warning:"ES from a BIG Picture perspective shows the weakness off of last Friday's (9/01) rally high at 4547.75 into this AM's low at 4434.75 (-2.5% of the 4.
Back on June 26th, when nearby WTI Oil futures were circling $67/bbl, Mike Paulenoff issued a heads-up to MPTrader members about a potentially opportunistic technical setup developing in OXY (Occidental Petroleum), writing:"OXY pressed to a low at 55.58 this AM, which marginally violated the 5/11 low at 56.16, BUT held above the more technically significant March 2023 low at 55.51 prior to pivoting to the upside into positive territory, now trading at 57.47.
On Monday August 28, we posted a heads-up about FCX (Freeport-McMoRan) to our MPTrader members, writing: FCX (Copper, Gold, Oil) producer has the right technical look (and a positive momentum divergence at Friday's low) of a completed pullback (44.70 to 37.74) within its larger bullish multi-month Coil formation. Last Friday's (8/25/23) low at 37.74 represented a very healthy 15.6% correction off of the 7/31/23 rally peak at 44.70 and also amounted to an exact Fibonacci 62% retracement of the 5/24/23 to 7/31/23 advance from 33.06 to 44.70.
Top Call: NVDADuring the afternoon trading session of August 23, 2023, prior to the release of NVDA's (Nvidia Corp.) highly anticipated quarterly earnings report, we alerted our MPTrader members to our near-term forecast for NVDA, derived from my technical setup work heading into earnings.
A week ago Friday, August 10, with SPY (SPDR SP 500 ETF) trading at 446.05, Mike Paulenoff posted a chart commentary to MPTrader members indicating that his technical setup work on SPY was at a critical pattern inflection point.Mike wrote:"Based on today's action, I have come to the conclusion that the "orthodox low" of the decline from the 7/27 high (459.55)... ended at Tuesday's (8/08) low (445.27), and that an intervening counter-trend rally ended at today's (8/10) high (451.