Technically, UNG looks bearish to me. Due to its high IV rank of 76.9%, I am planning to sell a credit call spread on UNG – possibly short call at $14, long call at $16 (with DTE of 30 days ending 16 October 2020, at OTM of 76%).
Potential risks – winter season coming. Gas inventory is expected to decline due to increase in demand. May push up UNG.
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