AMEX:UWTI   VELOCITYSHARES 3X LONG CRUDE ETN LINKED TO THE S&P GSCI CRUDE OIL INDEX EXCESS R
48 2 2
I'm new at using charts so please be careful when using my ideas!
What I see is a pattern that is getting tighter and tighter. It is amazing for me to see it happening as I've been told by everyone I've ever talked to that there are "no' patterns and that the stock market can NOT be predicted.....

However. This is my attempt to predict the market action of UWTI             based on my observations.

You can clearly see a tightening "spring" like action. It will end soon. Maybe a day or two. It depends on how tight it gets. Either way it will end soon.

My feeling is that the floor is a little over $10 and that once the "micro-squeeze" is over (soon) this will go higher.

Good luck everyone and please remember I'm very new at reading charts!
Please use my information with extreme caution.
Let's see what happens ...it could also be a dead cat bounce and a break down under red line. Your Macd tells the story of about to cross over and make a higher low since the 2 o'clock so could be. Nice from you ..thanks!
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Deus
2 years ago
Have a look at this. It is breaking up as I am typing..

snapshot
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