DXO is trading favorite of mine (2X Crude Oil). Today we made a dogi (usually a sign of a trend change) and hit up against this 3.2 area which has been a resistance area. Volume continues to decrease, and RSI is decreasing -- which is very bearish.
Bottom line -- I took some OIH out, I'm out of DXO in most accounts, and intend to liquidate in my others. I will buy DXO when it gets to ~ 2.6, as I think we will break this uptrend trend line but find support at the 50 day.
Plus USO and DXO volume has disappeared.
ReplyDeleteDXO still has not close above where I sold it.
I think the oil bulls are having trouble here, you would think with the market up so much oil would have broken out but it did not.