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.)
Couldn’t locate UWTI. DWTI was up 13.45% today.