Friday, July 8, 2011

Proshares Ultra Crude Oil (UCO): Update 7-8-11

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Disappointing Jobs report (June 18,000) is sending WTI crude oil lower this morning, currently around $97.00. ITZ is long Proshares Ultra Crude Oil (UCO) entering 1/2 positions at $38 & $42.50. In the chart below ITZ uses 3 Fibonacci tools as well as a channel, ITZ PT on UCO is $47.50, 38.2% retracement/ 200ma. Stochastic is in overbought territory, RSI may be reversing, ADX bullish.
Suggest raising the current STOP from $40.50 to $42.50

Past Itz Posts Click Here

Crude oil posted its first significant close above the level we saw before the Obama administration's move to tap the nation's strategic reserves, with John Kilduff, Again Capital.

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