Proshares UCO Hitting Resistance

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Proshares Ultra Crude Oil (UCO) is testing resistance around the $30 level. ITZ believe it has more upside targeting $35. The GOR Gold-Oil Ratio chart as posted in previous posts, although raising a caution flag, still has some more to go. ITZ average cost basis $30.60 on UCO.

Proshares UCO Position

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Add To Proshares UCO

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ITZ suggests adding another 1/4 position into the Proshares Ultra Crude Oil (UCO) ETF here at $29.25, bring the position to 3/4. We'll see how markets react tomorrow on the BLS Jobs Report. ITZ has been looking to add at $28, we'll perhaps see that tomorrow and make a decision as to add remaining quarter position then.

*** BUY Proshares Ultra Crude Oil - UCO ***

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Lets enter a 1/2 position on Proshares Ultra Crude Oil, ticker symbol UCO @ $26. WTI Oil is approaching August lows of $75...will assess situation on retest. Follow Twitter for updates.

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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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OIL UP: Proshares UCO Update

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API reported last night Crude-oil inventories declined 2.7 million barrels in the week ended June 24, the American Petroleum Institute said late Tuesday. LINK
EIA just reported LINK U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.4 million barrels from the previous week.

ITZ suggested entering Proshares Ultra Crude Oil (UCO) @ $42.50 & $38.00. ITZ suggests setting the STOP @ $40.50.
UCO Chart  Link To Past ITZ Posts Click Here Crude Oil Futures Quotes, Charts, News

WTI Oil Update: 6-17-11

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This is the pause that refreshes but the underlying issues are reservoirs that are in trouble, facing further decline, says John Hofmeister, former president/CEO Shell Oil.



Crude sank 4% this week to its lowest level since February, with Daniel Fisher and the Fast Money crew.



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RAISE STOP on Proshares Ultra Crude Oil (UCO)

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U.S. Dollar is lower and commodities are heading higher today. WTI Crude Oil is trading around it's 20ema $102 level, resistance $105/$106.

ITZ PIX suggested re-entering a half-position on Proshares DJ-AIG Ultra Crude Oil, ticker symbol UCO. Entering @ $46 and  now suggested to RAISE STOP to $48. For Chart Click Here
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ITZ PIX UPDATE: Proshares UCO Raise STOP

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WTI Crude Oil is up today Futures Link trading around $103 per barrel. Itz suggest those in the Proshares Ultra DJ-AIG Crude Oil ETF (UCO) raise the current STOP from $50 to $52.50. In pre-hours trading UCO is trading $54.00. UCO was entered Friday March 18th @ $51.50.  Note the oil market is very volatile, ITZ suggests using a trailing stop. Follow ITZ on Twitter for up to the minute alerts, Itz is also on Facebook.