VelocityShares Credit Suisse 3X Long Crude ETN (UWTIF)

[balamidas]

major first resistance area for OIL is at 35-36 $

look at it on the chart it acted as support for a while before dropping in the low 30's

after that you have the 50 ma at 37 levels now

and after the 38 level which was a previous bottom for OIL in Sep


don't forget that monday will be the third day in green if Up


http://stockcharts.com/h-sc/ui?s=%24wtic


i think monday will be green day as a 3 rd white soldier

if OIL manage to break all those resistances soon and turn them into support then you are onto something like a major reversal

otherwise it will be classified as a dead cat bounce like the one in Sep