23Feb1:06 pmEST
Two Early Afternoon Observations
After selling out of UGAZ on Friday at $3.50, I am looking to see if UNG (the straight-up natural gas ETF, whereas UGAZ is the triple-levered long) can now avoid a gap-fill lower, seen on the 30-minute chart, first below. If so, then a move back over $15.09 on UNG could easily see me go long again.
And regarding crude oil, the USO ETF, second below, whichever way the highlighted 10-minute sideways consolidation since this morning's opening gap lower resolves will probably offer up an actionable day-trade, long or short, this afternoon.