The fact that FNGU's price support zone (now dubbed its "Chaos Zone") has deepened since I last wrote about it in my post of January 22, does not bode well for the 10 Technology and Consumer Discretionary companies that are listed in this ETN (x3).
The previous price support zone was 20.00-25.00. The range of this new "Chaos Zone" is 15.00-25.00. Price closed on Thursday slightly above 20.00...formerly the lower edge of the old price support zone.
This signals that the price action of stocks in this ETN is becoming more volatile, while pushing to the downside, as shown on the following monthly chart.
A drop and hold below 20.00, then 15.00 would be catastrophic for some or all 10 stocks in FNGU.