Slope of Hope Blog Posts

Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.

Chart on UNG (by Mike Paulenoff)

By -

This morning's up-gap open in the U.S. Natural Gas Fund ETF (NYSE: UNG) could be a very significant, constructive signal after yesterday's new low, followed by an upside reversal from an extremely oversold condition. So far, the less than 24-hour upmove in the UNG from an all-time new low at 5.20 to today's intraday high at 5.48 (+5.4%) has the "right look" of the conclusion of a bearish wedge pattern and the initiation of a new recovery uptrend period.

Of course, the UNG has very heavy lifting directly ahead if it is to provide technical confirmation of a significant upside reversal — namely, continued strength that hurdles and sustains above 5.70 and then 6.05 for starters. That said, any whiff of some unforeseen bullish fundamental factor, like a bigger than expected inventory drawdown, has the potential to terrify the entrenched short positions.

Originally published on