Sunday, May 24, 2009

UNG Revisited


Here’s another look at UNG.  You’ll remember that I had this in a post about Weinstein’s never to buy a stock below its 30 week moving average.  This is a weekly chart.  The volume is nothing short of staggering over the last three weeks.  What I find interesting is that the close for the weekly white candle and the red candle was within one penny:  13.71 v. 13.70 respectively.  Am I suggesting that it is a bottom?  I might be—but more importantly, the subsequent stock action would be a better tell—to confirm rather than guess.  I’m already in, but at a favorable entry.  Accordingly,  I’m not a seller here. 

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