AMEX:UGAZUGAZ Resistance trend line should determine future short term price movement in my opinion. Targets for both conquer/rejection of that resistance shown on chart. Good luck to all!
Updated charts been posted on Stocktwits, @jerem1 is my username. 2 PT's hit on current 4th wave, 5th wave extension target is 103 U, 17 DGAZ. At that time, DGAZ switch becomes profitable IMO. U must hold above 87.53 to see 103 IMO. Good luck.
I'm aware its not a correct traditional trend line. However, it is being used to show the area of resistance, not to identify the trend. Called this trade originally at UGAZ 61.14, up bout 40% right now, so I'm cool with it. lol Best of luck!
@GurekmannGill, I'm aware its not a correct traditional trend line. However, it is being used to show the area of resistance, not to identify the trend. Called this trade originally at UGAZ 61.14, up bout 40% right now, so I'm cool with it. lol Best of luck!
@diverter, Yea I was in ugaz from 53.80, still holding because there is more room for upside, charting natgas usually provides a better outlook than charting ugaz generally because decay messes things up.
@GurekmannGill, I do chart NG, I then transfer those charts over to UGAZ, which as you say is an imperfect science. However, I am able to properly project UGAZ prices using percentages off the NG chart. I never chart only a 3x ETF, always the underlying asset, then transfer that chart. Point is that ppl are trading UGAZ/DGAZ, not NG, so they usually need to see the lines, gains, targets on the actual ETF's chart. Thats why I do it. I posted my targets for all three NG, DGAZ, UGAZ on Stocktwits, didn't do it on here, but the way it looks, NG gapped down, so I would look for scenaro two. I will be in DGAZ at open. Best of luck to you!
@GurekmannGill, As for now, I am watching to see if NG breaks below 3.073, if it does, must catch in 3.04s. If it does not, THAT is when I will go in DGAZ, but not before, so correction to my earlier statement. I have already sold 2/3 my UGAZ position, I sell in 1/3 blocks on the way up as I hit PT's. Last 1/3 still in play to see if NG can hit my highest PT, 3.552, or possibly even run up to 3.682. However, if 3.043 is broken below, I expect to see minimum NG 2.873. So, DGAZ switch at the break below NG 3.043 could be a 15%+ trade IMO. In any event, best of luck to you.