Loading ...Energy – Dipped into UGAZ and UWTI Today
The risk/reward just looked too good here just like ERX did when I bought the other day at $23.50 and KMI at $15.15. Still in the green on those trades. Today I picked up a little UGAZ at $1.50 and UWTI at $4.03. Seriously, when parabolas like these break down you can triple your money in a week sometimes. My crude oil support held like a champ today and a tradable bounce is looking teed up. My stop is a close below support line. If DWTI opens any lower tomorrow than today’s open then the parabola is already broken and the selling will be huge.
Great charts. I agree that oil and gas are for bounce here. I did picked up UCO and UGAZ but little early.
On weekly chart of WTIC notice bullish divergence with confirmation of reversal white candle- hammer and RSI.
I am skeptic of the Wolfwave target to 65?????
I picked up ERX yesterday near a low, let’s see how high we go with the Fed rate hike, thanks Mark for the great charts, they agree with mine and 65 is possible:)
FWIW, my target is $56….not $65. See first chart.