UCO is making lows in hourly chart, is very likely to close lower, same for OIL futures, I think DRIP might close higher this week. Am going to enter buying portions. I think DRIP will try to test the quarter open, I will have to keep an eye on where OIL futures might try to retrace and extend again.
With the top players nearing at or around top consolidation ranges and DRIP hanging as the low fruit bear index it's almost, ALMOST, too easy. Exit target from 16-22. Pay no attention to the 40 mark. I mean it's clearly a visual point of resistance but with all the splits I don't think the volume could ever get there. But if it's a winner I say let it run.
Just an idea for possible long positions on AMEX:DRIP for a long-term swing. There's room for more downside, possibly to the next leg of support, as I've added by the pitchfork trendline entries.
As we've not seen an actual bottom yet, it's all speculation at this point, but oil (for vehicles and shipping) is slowly being pushed to the margins; and with an...
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$DRIP Target 31.02 for 61.73%
Or next add level is at 7.34
This is another insane setup that you should only trade at your own risk... it might take a little time to play out.
Ride or Die, y'all... be careful with this one as trading contracts is a little different from regular stocks.
I am not your financial advisor. Watch my setups first before you...
(Scroll Down for Better Picture of Wave Count)
SPX and 3x leveraged bear crude DRIP. Does this pattern show smart money exits in Jan '20 and June '20? When the relationship decreases, lean CAUTIOUSLY on equities and crude. Precipitous fall means lay on the Shorts. Despite Markets going higher in February, the relationship still decreased as crude continued to...
"Golden Cross" of SMA 100 intersecting the SMA 111 acts contrarily to standard Golden Cross implications and could signal a correction as seen in January. As the relationship decreases in price, Crude down, DRIP up. Looks like it might break down vs SMA 350 (gold colored line) as well. An answer should be given within the next week given prior timelines.
With the OIL cycle coming to an end, 50 + days, I am watching DRIP as a possible counter trade. If the price can get over the 50 and break the trend line this could be a good runner. Maybe we get a repeat of March? You could buy here with a stop below the current price. The only draw back is that the OIL producers may not trade directly with OIL.