Friday, September 2, 2011

Proshares UCO Update

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Proshares Ultra Crude Oil is down today off of the BLS Jobs Report. Yesterday it was trading above the $34.50 2nd half entry level ITZ suggested. The upside nearterm price target had been $39. ITZ is seeing similarities to June 3rd & July 11th. Could see a bounce here, although the Stochastics are over bought, RSI never ran upto 70, but the ADX is bearish now. CHART

We could see a pop in WTI oil on the president's upcoming jobs plan. Mostly ITZ may exit the UCO position and enter the inverse Proshare UltraShort Crude Oil SCO.

Still, it looks like a Bullish Ascending Triangle Pattern setting up...keeping a close watch on this. Stay tuned...

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