Wow…talk about hitting an airpocket! The US Oil Fund ETF (AMEXL USO) plunged from around 118.50 to nearly 110.00, but since then has not managed to recover much and instead has consolidated at the very low end of today's spike -- 110-112 -- which for now is carving out a "Bear Flag" ahead of another decline. If such a scenario unfolds, then the next breakdown should violate very significant support at 110-109, on the way to test critical support at 107-106 thereafter.
Sign up a FREE 15-Day Trial to Mike Paulenoff's ETF Trading Diary!
No comments:
Post a Comment