Tuesday, March 22, 2011

Proshares Oil Update: UCO

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WTI Crude Oil is backing off this morning down about 0.50% about $102.35, in pre-hour trading Proshares UCO is flirting with the $52.50 STOP.  The hourly chart of crude is showing an ascending triangle formation and @ $102.50 oil is testing the trendline. ITZ longerterm is calling for oil prices to grind higher, however ITZ will hold to the STOP and most likely will exit the position today. Again as noted in this weekends review oil is and will remain very volatile nearterm. ITZ will trade frequently between UCO &SCO. Follow updates on Twitter, Facebook & on this blog.

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