VelocityShares Credit Suisse 3X Long Crude ETN (UWTIF)

[kamakiri]

Disagree on overbought.It traded all of last year under the 200SMA. That's far from overbought. Just recovering from massive oversold condition, IMO.

I could see the case for the smaller timeframes. But even then, it's only up for 2 days from the last bottom. Hardly a case for overbought there.

End of the month effects also come into play. Could be $47/48+ tomorrow.