UCO looking bearish as it completes a short-term head and shoulders pattern and breaks the neckline and cross bottom support level. Look at PA to take price lower to around 15.25 level before considering long position.
US Oil also broke out of its down channel. There should be a retest. Short term opportunity to short UCO when it hits the upper trend line at $17.50++. Watch how UCO behaves when it hit the upper down channel line. Could be a continuation of the up channel or the down channel. The trend is your friend.
Despite the best of efforts, societies are still dependent on fossil fuels as technology reaches for alternatives to replace the coveted leader in energy but until then inventories should start to reflect the draw-down as traders dominate this market providing divergence between what is today and where we will be tomorrow.
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