This 3X Long Crude ETN is brokenHow 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.
UWTI
"CRUDE WAVE" $CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $CVX $XOM CRUDE has higher targets possibly on its agenda.
Holding the contained market structure will allow for the next thrust.
Macro Oil Trend Line Resistance dating back to 1998Lost the bullish support line in the fall of 2015. Merely just backtesting the TL now.
$UWTI Long - Pure technical analysis.$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 ConsolidationOil 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.
"UPDATE STATUS IN ENERGY" $CL_F $USO $DWTI $UWTI $Oil $XLE $DTO 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 $55 MAGNET AREA.
ANY FAILURE WILL SEND THIS BACK DOWN TO THE LOWER BASE
Oil PathsCouple options here. I think the blue arrows are more likely. Oil found support at 44 as expected. Keep an eye on the dollar.
Oil Short ClosedRising wedge broke as expected. Uptrend still not broken however.
Will wait until Monday to enter short/long depending on DXY and news. GL all
Oil Rising WedgeOil forming a bearish rising wedge reversal pattern. Strength in DXY will lead to break lower. Rig count will not change price much unless large build.
"TAKE A STEP BACK "$CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $UCO 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
$CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $UCO " BIGGER PICTURE' PRICE CAME BACK TO THE "ZONE OF INFLUENCE"
DOUBLE TOPPED AND THEN PANIC FLUSHED THE WEEK HANDS
BEFORE ITS REAL AGENDA.
"SWING UPDATE" $CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $UCO $XOMPRICE PANIC FLUSHS
HITS POTENTIAL SUPPORT.
FORMS INSIDE BAR
THRUSTS UP
THEN RETEST.
"STUDY THIS ..OVER AND OVER AGAIN
Oil formed cup & handle 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
"CRUDE FOLLOWUP" $CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $UCO TIME CAME IN AND PANIC SOLD DOWN TO SUPPORT.
TO CONINUE THE ADVANCE WE NEED TO STAY ABOVE BOTH PIVOTS
OR A SIDEWAYS RANGE WILL POSSIBLY DEVELOP MORE IT SHOWS IT AGENDA.
First time Short DWTI gets you ahead of long UWTIA comparison of USOIL vs DWTI (inverse - please note 1/DWTI as the symbol) vs UWTI. If your broker allows shorting DWTI (mine does not .. it sucks !!), then you will be way ahead.
USOIL MACD divergence at 45mGoing short. Targets on Graph - 36.5, 35.6 and 32. Correction : First Target should read 39.6
CRUDE UPDATE$CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $UCO $CVX $XOMPRICE STRUCTURE AT "POTENTIAL RESISTANCE"
TIME IS APPROACHING ....
TRADE THE DEFINED PARAMETERS ON PRICE ACTION.
IN THE CENTER OF THE RANGE IS THE "KILL ZONE"
