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$UGAZ bounce off 10.60, watching retest
Noticed $UGAZ touched 10.60 earlier today and bounced. It's a level I've marked as potential support for a while. If it can hold that on a retest, or consolidate above 10.60, then there's a chance to see some upward momentum towards the 11.20-11.40 range again. Failure to hold 10.60, especially a clear close below it, would invalidate that scenario for me, suggesting further downside to the 10.00-10.20 area.
1 comments · 5 points
10.60 isn't a strong enough support level for me to consider a bounce off it as significant. I'd be looking for a clearer reversal sign or a more established support before getting in.