Oil's price has tumbled since hitting a high when Hamas attacked Israel. West Texas Crude (WTI) topped out near $94 and now trades nearly $20 lower. Black gold could be ready for a bounce back. The commodity's Relative Strength Index (RSI) Is closing in on an oversold reading of 30. It stands at 32.67 as we type. We also see a block of support starting at $74 down to $67. All the technical debris in that box should put in a durable floor for crude. If oil turns green, then resistance at the 200-day moving average of $78.18 looks like a logical destination initially and then $80 after that. Investors that might consider trading a rebound in oil might consider ProShares Ultra Bloomberg Crude Oil (UCO). The exchange-traded fund (ETF) seeks a return that is 2x the return of its underlying benchmark (target) for a single day. The fund's benchmark is an index of crude oil futures contracts. It is not intended to track the performance of the spot price of WTI crude oil. For example, if WTI rises 1 percent on the day, UCO should gain close to 2 percent. Of course, the opposite is true if WTI drops. Short term trading using leveraged funds is only for the most aggressive investors who can afford to lose money in short timeframes. Rich Meyers The post Oil Ready For A Bump Higher appeared first on Edge on the Street.
Here are Some More Investing Tips and Resources. Enjoy! | Oil's price has tumbled since hitting a high when Hamas attacked Israel. West Texas Crude (WTI) topped out near $94 and now trades nearly $20 lower. Black gold could be ready for a bounce back. The commodity's Relative Strength Index (RSI) Is closing in on an oversold reading of 30. It stands at 32.67 as we type. We also see a block of support starting at $74 down to $67. All the technical debris in that box should put in a durable floor for crude. If oil turns green, then resistance at the 200-day moving average of $78.18 looks like a logical destination initially and then $80 after that. Investors that might consider trading a rebound in oil might consider ProShares Ultra Bloomberg Crude Oil (UCO). The exchange-traded fund (ETF) seeks a return that is 2x the return of its underlying benchmark (target) for a single day. The fund's benchmark is an index of crude oil futures contracts. It is not intended to track the performance of the spot price of WTI crude oil. For example, if WTI rises 1 percent on the day, UCO should gain close to 2 percent. Of course, the opposite is true if WTI drops. Short term trading using leveraged funds is only for the most aggressive investors who can afford to lose money in short timeframes. Rich Meyers The post Oil Ready For A Bump Higher appeared first on Edge on the Street. | And, in case you missed it: | | - FREE OR LOW COST INVESTING RESOURCES - | |  |  |  |  | | | - CLICK THE IMAGE BELOW FOR MORE INFORMATION - | |  | | ProfitableInvestingTips.com is an informational website for men and women who want to discover investing and trading products and strategies to educate themselves about the risks and benefits of investing and investing-related products. | DISCLAIMER: Use of this Publisher's email, website and content, is subject to the Privacy Policy and Terms of Use published on Publisher's Website. Content marked as "sponsored" may be third party advertisements and are not endorsed or warranted by our staff or company. The content in our emails is for informational or entertainment use, and is not a substitute for professional advice. Always check with a qualified professional regarding investing and trading guidance. Be sure to do your own careful research before taking action based on anything you find in this content. | If you no longer wish to receive our emails, click the link below:
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