UGAZ stuck within tight trading range


VelocityShares 3x Long Natural Gas (UGAZ) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
UGAZ closes above its opening price after recovering from early selling pressure
UGAZ unable to break through key resistance level
UGAZ finds support at 20-day moving average
UGAZ closes higher for the 2nd day in a row
UGAZ ends the day on a bullish note closing near the high of the day
TQ Sentiment
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, UGAZ finished Thursday at 67.57 gaining $1.21 (1.82%). Today's closing price of 67.57 marks the highest close since June 1st. Trading up to $1.86 lower after the open, the ETF managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for UGAZ
Volatility

Thursday's trading range was $3.07 (4.6%), that's above last trading month's daily average range of $2.50. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 64.16 and 67.90 which it has been in now for the last three days.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar.

Support/Resistance

Unable to break through the key technical resistance level at 67.75, the market closed below it after spiking as high as 67.90 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move above 67.79 in the prior session, UGAZ ran into sellers again around the same price level today, failing to move higher than 67.90. After trading as low as 64.83 during the day, the ETF found support at the 20-day moving average at 65.09.

Trend

While still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Order Flow

Further buying could move prices higher should the market test May's nearby high at 70.00.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for VelocityShares 3x Long Natural Gas
ConditionForecastDirectionWinAvgWorstBestEvents
Close to R1 Resistance TQ Pro Members Only
2 Consecutive Lower Closes TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

UGAZ breaks below 20-day moving average

Jun 19, 2018
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