By Dan Darrow
October 17, 2022
Intraday Update: UNG
UNG neither rallied nor sold off last week following Monday's slide into the 200day sma, but it is starting the new week with a 5%+ down open. The heavy action is knocking the Natural Gas ETF below the 200day sma and below the tight 21.50 technical stop early, so the Nov18 $23 - $28 call spread will be closed off the open. We do not want to let the pattern break to the downside as the next major support level is not until the June/July low ( ~18.30).
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