has been getting absolutely walloped for weeks now, having lost over a third of its value recently. Looking at the chart of USOIL
I recently posted, it seems to me we are definitely primed for a bounce. The bounce will ultimately fail, but we’re really, really oversold at this point.
One thing I noticed is that the commodity ETF
, symbol DBC
, has actually cracked the channel which has been in place for years. Like I said above, I think oil
will bounce, but I wouldn’t be surprised to see DBC
hit resistance in the form of that now-broken channel.
is the basket of commodities