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!
Here is the weekly candle chart. The trend is slowly turning over in this timeframe.
Zoom in on the 1 year daily candle chart. The trend has is flat and could be turning over.
Alert set at 4.50. A monthly candle close above that will give me a target of 8.00.