UCO: Ultra Crude Oil ETF
We have a potential weekly Hammer (Confirmation needed with tomorrow's eod print)
A weekly Hammer could establish a short-term bottom.
Initially we have two potential target ranges R1 = 25.40 - 26.20 and R2 = 27.60 - 28.65.
In the daily time frame lets focus the thesis of a potential bottom of the last down leg (From September 29):
The reason is a potential shallow thrust following a Triangle therefore as long as price holds above yesterday's gap = 22.10 odds should favour more follow through
The levels to watch to the upside are:
- R 1 = 10 dma and trend line resistance at 23.80
- R 2 = 0.25 R at 24.23
- R 3 = 25.29
