Let’s take a look at oil this morning. I am long $UCO which is based of this huge mutli-year triangle pattern, which I have posted below:
It is my belief that oil has bottomed around this level, and if I’m wrong, I will know pretty quickly when this bottom trendline starts to give way. If oil get much below $85/barrel, I will cut my precious $UCO position.
Here’s a look at the daily chart:
