9th day of $QQQ short term down-trend; $UWTI has high volume bounce–bottom for oil?

GMI2/6
GMI-20/9
T210840%

I have written that one way to play a possible bottom in oil is to buy the 3X leveraged bullish oil ETF, UTWI.   On Wednesday, UWTI rose 10.71% on unusually high trading volume.   Check out the daily chart for UWTI. Is this the beginning of a bottom?   With so many media pundits   rushing to lower their estimates for the price of oil, it may be in bottom territory. (Click on chart to enlarge.)

UWTIdaily01142015

 

 

1 thought on “9th day of $QQQ short term down-trend; $UWTI has high volume bounce–bottom for oil?”

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.