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WTI Crude tested it's 200ma today and again rallied above the 50ma. ITZ via Twitter & on this blog suggested entering a 1/2 position via Proshares UCO @ $28.25 ($28.30 stop). The ETF closed today @ $29.21.
ITZ highlighted a possible right shoulder developing on an Inverted Head & Shoulders pattern, with the Neckline being the daily resistance around the $97 level.
Use a trailing stop on your position, crude should continue higher, but ITZ is cautious here, noting a Negative Divergence, again run a trailing stop & let the market take you out.
