Another Round with Natty; Chess Moves

I went long UGAZ, the triple-long natural gas ETF, at $3.04 with a protective stop-loss below $2.88. This position amounts to roughly 4% of my trading portfolio capital.

I may very well simply day-trade this position today, depending on how it acts, with the inventory report tomorrow morning. 

Keying off the natural gas straight-up ETF, UNG, we can see that natty has been trying to poke above the 20-day moving average (orange line) for quite some time. 

After capturing a 20%-plus win last week in the commodity, I am playing for another thrust higher from a technical perspective, in lieu of trying to game the weather or macro issues.