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A fresh breakout from an “ascending triangle” is taking place in Crude Oil at (2) in the above chart. The “Power of the Pattern” suggested to buy DBC (see post here) in a quiz 18 days ago. Since the quiz DBC has gained 8%. On Thursday the “Power of the Pattern” suggested to buy UCO. (see post here). The upside break of the ascending triangle pushed UCO up over 5% yesterday.
Crude Oil heading back to the old highs at $140? Don’t know, yet these breakouts for sure keep that price a potential target!
Game Plan…Remaining owners of DBC and UCO. This upside break from the ascending triangle might surprise many on how far it could push Crude oil. Keep stops in place on DBC (4%) and UCO (6%).
Stemphos…often times EWZ will benefit from a rise in oil. Due to the situation in the 500 index and the Russell, I would harvest the good gains you have for now. Great job on the EWZ gains!!!
Hi Chris,
As always, thanks for the insight.
If oil goes up, will EWZ follow?
I have a decent position in EWZ right, and I thought about taking profits (10% gain). Should I wait?
thanks,
Stemphos