Watching UNG Closely
August 14th, 2009
I’m watching UNG very closely at the 12.30 level for any signs of a bottoming process. A break of 12.30 and the next support is 12. I’ve established the first leg of my position at 14 and I don’t mind being put more UNG in the 12-14 area. Thankfully I sold some September 14 calls on my current position and lowered my cost basis even more.
I’m still short some August UNG puts and if it breaks through 12 convincingly I will roll them to October 12-13 strike.
UNG-Hourly