UNG testing Bollinger-Band midline keeps traders guessing whether gap will hold for "island gap" reversal

Will UNG put in a bullish island gap reversal? (also called an "abandoned baby" in candlestick/doji world - which I learned from the Stockcharts.com Chart School this morning - I don't know why they no longer have a separate glossary definition for island reversal, as they still use that terminology in other areas, if you place into their search box). Well honestly there is no way to know until we see how it reacts after today! Readers know that I have been concerned about the volumes, and we certainly got a good volume on the SELL the past 2 bars, hourly chart at right. For that matter, it certainly is possible for the gap to get filled and then UNG goes back up again to the $13/14 we have been thinking! The 50-hour MA can still give support ... remember again, UNG has suffered a lot of damage and that's why we need to moderate expectations on the long side. If buying volume kicks in later today and into Friday, then we can breathe easier.

PS update 1:00 pm - as I posted at UBTNB3 blog and tweeted, UNG moved to .618 retracement when it dropped a bit more to $12.20 - that can be a second wave pullback level; so now we'll see if it can make that a support level and clear upward from the $12.30's again.