Crude Oil: UWT
Updated
I 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.
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.
Note
Looks like today may be up day. I'm not sure "d" is over yet. It hasn't gone up as much as usual. Note
Note
Trade closed: target reached
My target for UWT hit and sold at 38.30. The target for SPGScLP still not up to first target of 220 so UWT still could go higher.
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