A Sneaky Mode of Attack

After lulling, shaking, grinding, even punishing longs since July 4th, natural gas is quietly waking up this week. 

Surviving the weekly inventory report on Thursday morning is likely to be the big test, but it sure is sneaky to see natty rallying sharply after last Friday's apparent breakdown from its recent consolidation. 

Instead of breaking down, though, natty immediately jumped higher and has not looked back. In fact, UNG is building on its strength so far this year. Holding over $8 is the bare minimum for the long case. 

But continued progress after inventory has me looking at a late-summer long here into Labor Day and perhaps beyond. 

On the updated UNG weekly chart, below, despite all of the choppy action note the potential is still there for a massive bottom, eventually with $9 needing to be reclaimed.