$UVXY above $30, brings $60+CBOE:UVXY has two big hurdles it needs to make it over before it can see higher prices.
1. It needs to get over the 200DMA (light blue line)
2. It needs to get over $30
As you can see, price has been consolidating in a channel since the August spike and IMO is almost ready for a big move.
I think this move will likely take place the second half of February and potentially into March.
I'll be looking at buying call options for 3/7 expiration, or 3/21 is even safer.
I think the move is likely to hit the $71 level on the chart, and could potentially go as high as the top resistance (however I don't see that as very likely). To me, most probable target is $78-82 right below the trend line.
Let's see how it plays out.
