Thursday, June 3, 2010

Natgas lows are in for 2010

As I wrote last month, Natgas has bottomed on the Yearly S2 pivot with a inverted head and shoulders pattern(blue circles on the bottom of the chart). I'm looking for a BIG run up in Natgas into this fall. Also, the prediction of an active hurricane season will help move price higher. UNG is the Natags ETF if you don't want to trade the futures. I'm long the UNG Oct $9 calls at $.33 cents, with a $.25 cent stop loss. I'll be moving my stop loss up to break even today(.33). I'm currently up 90% on this trade in 1 week.