VelocityShares Credit Suisse 3X Long Crude ETN (UWTIF)

[surehands]

looking to go long UWTI. However, I may need to wait a few days.


VELOCITYSHARES 3X LONG CRUDE OIL ETN LINKED TO THE S&P GSCI CRUDE OIL INDEX ER DUE FEBRUARY 9 2032 (UWTI on NYSE). This bearish signal indicates that the price may fall from the close of 18.77 to the range of 8.00 - 10.00. The pattern formed over 27 days which is roughly the period of time in which the target price range may be achieved.
VELOCITYSHARES 3X LONG CRUDE OIL ETN LINKED TO THE S&P GSCI CRUDE OIL INDEX ER DUE FEBRUARY 9 2032 has a current support price of 15.73 and a resistance level of 21.13.

A Descending Continuation Triangle is considered a bearish signal, indicating that the current downtrend may continue. The pattern illustrates lows occurring at a constant price level, with highs moving constantly lower. The technical event occurs when the price breaks out of the triangle formation to close below the lower trendline, thereby confirming the pattern.