HK Trade

Got into HK a natty gas company. The reasons I got in are, huge downmove in stock and UNG. Volume solid on a big up day and has since been flagging. Weekly looks waterfallish and capitulative, daily chart sitting at long term bottom channel, Hourly chart looks good for entry. Looking for an initial pop to around 6, then depending on the developments a possible hold to 8. At mid daily bollinger band and low weekly bollinger band. Made a buy cry and the die move was hopefully this last weak downturn to higher high. Stochastic divergence along with the same in UNG.

Another reason I got in was because UNG double bottomed after a big downswing and as Jesse said, UNG is a big inverse to smallcaps, which could see some downward pressure soon.

Stop at 5.40

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