How badly is Velocity Shares 3X Long Crude ETN is broken? Look at the chart compared with Crude. Adjust the chart to any reasonable short term (daily) time frame one might use for speculation. UWTI can't even track crude, let alone provide 3x leverage at reasonable cost.
CRUDE has higher targets possibly on its agenda. Holding the contained market structure will allow for the next thrust.
Lost the bullish support line in the fall of 2015. Merely just backtesting the TL now.
$UWTI and $DWTI are opposite funds that track the same commodity. I analyzed both and came to conclusion that $UWTI is trending bullishly. Secondary support level (dotted line) have been tested several times within the last month or so. So that's where I decide to put my stop loss.
Oil may be in consolidation and we have a good setup for a potential ABCD pattern. I would look for resistance at $45.20 and take profit under $44. With lower lows and lower highs, the chances of the market breaking to the up side are slim, until it creates a new high structure.
I mentioned this many times 2009/2016 chart, now similar place too.
Bullish channel, as it makes its way into the summer months. PT $50
CRUDE FOUND BALANCE AND WAS MET WITH SELLERS AT THE HIGH.... WATCH FOR AREA AT 41.80 -40.00 FOR A POSSIBLE LAUNCH TO RETEST THE HIGHS... WE NEED TO CLEAR THE AREA OF RESISTANCE TO ACT THE $55 MAGNET AREA. ANY FAILURE WILL SEND THIS BACK DOWN TO THE LOWER BASE
Just a thought would be interesting to see how this plays out.
Price Targets labeled. Eventual PT is $34.
Rising wedge broke as expected. Uptrend still not broken however. Will wait until Monday to enter short/long depending on DXY and news. GL all
Oil forming a bearish rising wedge reversal pattern. Strength in DXY will lead to break lower. Rig count will not change price much unless large build.
Oil forming a rising wedge. Bearish reversal. Look for support at 41.
IT IS ALWAYS GOOD TO TAKE A STEP BACK AND LOOK AND THE HIGHER TIME FRAME THE INTRADAY SWINGS CAN GIVE CONFUSION IF YOUR CONTEXT ISNT FOCUSED
PRICE CAME BACK TO THE "ZONE OF INFLUENCE" DOUBLE TOPPED AND THEN PANIC FLUSHED THE WEEK HANDS BEFORE ITS REAL AGENDA.
PRICE PANIC FLUSHS HITS POTENTIAL SUPPORT. FORMS INSIDE BAR THRUSTS UP THEN RETEST. "STUDY THIS ..OVER AND OVER AGAIN
Because there's no agreement and because there is no oil strike this makes no sense to me ... BUT we are going UP so I'm gonna put my money where my chart tells me to. PT 45.13