UNG’s Weakness

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I was watching UNG this morning, which had traveled all the way back down to a support level. It was a tempting long position, but after having seen UNG crack a prior, similar support level (shown below, tinted in blue), I decided not to do anything.

At first, I regretted this, because UNG moved nicely higher – – but those gains for the bulls vanished, and it has – once again, broken support (magenta tint).

0813-ung

I've avoided UNG for a while, since it can't seem to find its footing. I'm glad I likewise didn't touch it this morning, in spite of its brief bounce.

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