Loading ...WTIC Crude and UCO
I posted a few days back that I felt the WTIC Oil Intermediate Cycle was bottoming (see link, it actually bottomed at the 50% Fib retrace). I then went long UCO (in comments section of someone’s Oil Post) when UCO broke my down trend line.
If Price drops below my Green Trading Cycle uptrend in my second chart, I will likely just take profits on my positions. 😉
First UCO chart is from August 4th but I never got around to posting. Second chart is an update from today
Added: 2 Callon Petroleum charts. CPE is my favorite domestic producer. I also bought 2 positions in CPE near the recent IC Low when I was buying UCO. I just took profits on CPE, however, as my 2nd long term chart shows it is running into overhead resistance (also above the daily and weekly BBands). I plan to buy back near my green TC Uptrend in my 1st chart but will also buy the breakout as well.
i like the 30 ema for uso
fwiw–hadik agrees about poss bottom
Great work Surf
You are Hot !