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.)
1 thought on “9th day of $QQQ short term down-trend; $UWTI has high volume bounce–bottom for oil?”
Couldn’t locate UWTI. DWTI was up 13.45% today.