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UWT

F/U on crude oil/ UWT See my March post (link below) I looked for the index to likely get to the 220-224 level. It’s getting close and there is now a bearish diverg in the RSI so may get a correction soon But I would not be surprised if it rose a little more to this target zone. Watch closely for reversal pattern and consider DWT. I closed out my UWT personally when it hit the lower end of the UWT target zone. The 3X ETFs can reverse so quickly a tend to get more quickly than with the 1x or 2x.. Take care. Process your way. Weekly chart on the left. 2day chart on the right.
S
by goodguy
Crude Oil: UWTI trade the commodities thru 1X, 2X, 3X bull and bear (inverse) ETFs, and ETNs. When I do I use the chart of the base commodity or index to calculate the entry and exit points. In this case the Index is the S& P GSCI Crude Oil Index ER which is what the UWT (3x bull) and the DWT (3x bear) ETNs are supposed to reflect (minus fees). If you aren't aware 2X and 3X trading vehicles DECAY with time (sort of like options) so are not recommended for long term buy and hold, but rather best for shorter term swings. Based on what I see I think it likely we are currently in a fairly short term sideways consolidation such as a contracting triangle. When this is over I think it likely the Index will rise to about the 220-224 level. IFFFF it does the UWT will likely rise to about the 38-44 level. Process your way. Have a great week ahead.
SLong
by goodguy
6
Water's boiling ... Follow me to make some money + Its FREE!Have made solid trades this week on crude with crude scalps. Momentum in ST favors bears even with favorable api. However, Bovies are not out of the game if 60.10 and 59.95 hold strong. Bearish cypher and drop in play at the moment, but 3 attempts to take out bulls has failed. If history is to be applied here, it looks like line in the sand has been drawn and itll take everything and the kitchen sink to tank oil. Sitting cash in regards to crude and not playing report, didnt want to give up double digits gains this week on a report day. The signs still point to LT bullish crude to $73 +-$2.00. Blue and orange trendlines are critical and not really worried about resistance till $64/$66, primarily $66. I will be watching crude very closely. Takeaways: Bears have tested multiple times in the last few weeks to drive crude past its breaking point and not been successful. Nearly perfect H&S did not materialize. Bulls have backs against the wall, but favorable API and more importantly EIA can likely change momentum for a swing or scalp depending on your strategy. Trade with stops but understand the volatility that crude has shown in last 3-4 sessions recommend 3% at the moment. Averaging down in this cycle is not advised to fast and t0o large of swings. Double bottom today confirmed support in low $60's. Ill be back tomorrow. GLTA! The Rancher PS my charts are busy as hell and I apologize, but its how my brain works. If enough follow me I can start posting multiple charts of the same chart to show individual TA opinions and points of interest.
TVC:USOIL
by therancher
Long Oil and it might seem crazy but here's whyThe big picture shows continued bullish momentum, despite forming a clear H&S over last few sessions. The lynch pin in this whole situation was the inability to break MY neckline. Although crude does seem to be exhausted I think it had to take the beating today in order to make a run and have a chance at a breakout above 67. I would personally recommend a fairly tight stop in case things unravel in the blink of an eye, which crude can, but I think the bullish momentum will resume. I strongly believe the bears took advantage of the break the bulls needed to catch there breath, but the batteries have been recharged. I have a 2/5 position and will save some powder for a false break (bear trap) and reload with a lower avg share price. Ill make the call of 70-73 over next few quarters. Peak production season and driving season is here upon us. Dynamics are changing and have changed drastically now that USA has taken on a very different role as a supplier. Crude has one more leg up in my opinion, but it is still anyone's game. Best of luck and follow me for updates for trades. Sidenote: my strategy is simple, focus on a few stocks that show enough price action to warrant the time invested in doing the analysis, and stay on top of them. Usually its only 2-3 stocks/etfs. I don't kill it every trade and like any good trader I make bad calls and lose, but overall I do make money. I welcome contrarian views, as a part of my strategy I try to exhaust every angle to disprove my hypothesis or consensus, when I finally cant I make my move. Sometimes I miss the window and have to sit on the sideline to let the swing play out, but a good trader knows that sometimes sitting cash is the most prudent move. GLTA
TVC:USOILLong
by therancher