UNG rebound for Wave 4

21 feb 2023

UNG has collapsed to a point where producers will take drastic measures to curb production. There is a bullish narrative here for this being bottom that I won't get much into, but I only throw this out there because I like to trade when the fundamentals and technicals both line up to suggest the same price movement - in this case a monster rebound. Bullish divergence on RSI and on the inflow charts, big volume coming at the bottom. These are all the signs of a reversal - $10.80 is my target. From there I will figure out if I want to hold or cut.

Best of luck

21 feb 2023

Nota

Massive volume on today's daily, this is exactly what you'd like to see at a bottom. My avg is 7.40, looks like at least a 45%ish upside from here to my first target.