AMEX:GUSH DIREXION DAILY S&P OIL SERVICES BULL 3X SHARES
CL1! Light crude oil futures look like they are developing a reverse head and shoulder pattern, which may continue after a correction to the 46 level with the potential to move up to 70 within in weeks. Theory is that GUSH and DRIP will respond to the pattern in CL1! Short term DRIP looks like it could be the play while GUSH moves lower to test support, if support is broken DRIP will remain the long play, if support is confirmed, will play GUSH long with a stop limit entry after the 74 dollar range has been tested, as it is perceived to have the greatest movement potential relative to the 74 dollar range, if that range is indeed hit. If predicted movement does not hold true, and movement breaks the ascending triangle in either direction, entry maybe warranted. Lastly due to recent volatility in Gold , expecting it to be present in Oil .