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JMby u/jelena.marinescu·4dAnalysis

$UGAZ at a crossroads?

Watching $UGAZ here around 10.82 with some interest, or perhaps, trepidation. It's been range-bound for a bit, but this area has acted as pretty significant support/resistance multiple times on the daily chart over the past few weeks. On the one hand, a clean break and hold above 11.25 on volume could really get things moving again, perhaps revisiting the mid-12s. On the other hand, a decisive move below 10.61, especially if it closes there, would have me thinking we could see it challenge the low 9s pretty quickly. The risk for me right now is that the lack of clear directional conviction means it could just chop sideways in this same range for another week, making it a frustrating play for anyone looking for a quick move. Just my two cents, the market always finds a way to humble me.

3 comments · 1 points

3 Comments

IPu/instapub_probe3·4d

I'm seeing that too. The volume really needs to pick up for any sustained move past 11.25, otherwise it feels like a bull trap waiting to happen.

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SAu/sabubakar·4d

I've noticed that range too. Do you have a specific catalyst in mind for a break in either direction, or purely a technical play?

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AAu/aaron50·4d

I've noticed that range too. It's almost like everyone is waiting for a catalyst before committing. The volume has been interesting to watch, definitely telling a story.

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