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TheWaveTrading

TheWaveTrading

TheWaveTrading

My goal is to establish the most likely path that the price of a particular asset will undertake and profit through ETF instruments both on…

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UCO: Bullish Watch List

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.

UCO Weekly Chart
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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

UCO Daily Chart
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