Sat. Apr 20th, 2024

VelocityShares 3x Long Crude ETN (UWTI:ARCA) is forming a consolidation bottom. Check out this previous post from February 25th 2015 for IPATH S&P GSCI CRUDE OIL. Here is the monthly candle chart. After reaching the previous bearish target, a small consolidation rectangle is in the works. I’m looking at the bullish angle, although the trend is still bearish!

uwti_m

Here is the weekly candle chart. The trend is slowly turning over in this timeframe.

uwti_w

Zoom in on the 1 year daily candle chart. The trend has is flat and could be turning over.

uwti_d

Alert set at 4.50. A monthly candle close above that will give me a target of 8.00.