The run in natural gas has indeed been powerful. Hindsight trading would have seen me holding UGAZ all the way up, but I am just fine with the nice move off the lows we caught a few weeks back.
In terms of looking for a fresh, actionable new entry point, the straight-line move higher back up to major resistance on the UNG ETF very likely pauses now, finally.
Under the theory of overhead supply, prior trapped buyers should now be interested sellers at this major resistance level (top light blue line, first chart below). Momentum, of course, can see price overshoot, as you might argue it has already done, but I would view a few days of bull-flagging around the $20 area this week or next as an ideal secondary entry point.
Elsewhere, note that JCP needs to hold the $9 area on this backtest, or it risks a BBRY-like fate. Recall how the $8.50 dividing line on BlackBerry served to offer a tradable rally versus staying out of trouble