Natural Gas and BOIL Meet Next Upside Target
The "mysterious" vertical advance in the ProShares Ultra Long DJ-UBS Natural Gas (BOIL) since last Thursday’s large build in inventory continues this morning.
Another thrust has propelled the BOIL to 56.00, which happens to be the highest of my current upside projections off the Aug-Sept base pattern.
While meeting this target certainly in no way indicates the BOIL cannot, or will not, continue to rocket right up to test the July 31 high at 59.72, my technical work does suggest that holders of long positions lighten up around current levels.
Otherwise, stops in the BOIL can be raised from 50.88 to just beneath today's low of 52.88.