I believe UCO is a bit different than overbought and oversold. UCO tracks CRUDE only, not the producers. CRUDE is not oversold or overbought.
CRUDE, as you know, is simply supply and demand. Right now the world is extracting 32.5 million gallons of oil out of this earth each day beyond what the demand is.
Thus, $18.00 crude. In addition storage capacity is going to be maxed out. Certain areas of the country already are experiencing negative profit margins.
The question is, when is the date when storage and demand are so bad, right before demand starts to pickup?
My guess is late May, early June. This will still not be a great time for oil producers, but at that time the spot price (WTI) will slowly recover from $15.00 (my guess).
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