Replies to post #2399 on VelocityShares Credit Suisse 3X Long Crude ETN (UWTIF)

[I M Foe Deep]

As an addition to my last post, if we look solely at opening and closing prices (throw out intra-day price spikes), then UWTI now has two tests of resistance at about 3.90 and two tests for support at about 3.12, forming what might be the beginning of a price channel, with the current price being at the bottom of that channel.

However, I'd prefer RSI be more oversold (below 20) to support this possibility.

[jayhawkclint]

I think it's forming a triangle, too. Guesstimating we top out around $3.8x this leg up. I think the next leg down is potentially the last one down, or possibly a 2nd leg max, then we find get the judges' decision. If it bounces, I think it will bounce big, and vice versa if it breaks south. The HUGE dilemma I'm having is that Monday is a holiday for the US markets, but oil keeps trading on the ICE. If I hold over the weekend and Monday is the day it breaks, would be stuck without even a stop loss in place until Tues morning.