EOM Trading Tuesday 7.26.16 _UWTI

 

Good Evening,
What looked to be another down day, turned around with all three major indexes closing flat for the day-data from Stockcharts.com.
 
Many are sitting on their hands until the Fed. Announcement is released.
 
The updated NYSE Margin Interest data is available.  Trusted Associate Doug Short does an excellent job charting the data.
 
Today is “Trading Tuesday,” and I answer your questions on what I see with UWTI.
 
Key Points…
1.  I designed this (weekly) chart using the underscore in front of the symbol to see the non-adjusted price
2.  No dividends
3.  UWTI is NOT trading inversely with the $USD….currently
4.  UWTI is in a downfall-check out both Support areas
5.  I see no buy signals with any indicators
 
I like to trade this security when the Simple Simon Buy Signals hit.
 
Don’t be a hero and purchase, thinking it is time for an oversold bounce-this is simply gambling.
 
Have patience; there will be a time and place to go long.
 
Tomorrow, I revisit the largest European Banks to see long and short opportunities.
 
Enjoy your evening!
 
DOE
A StockCharts.com SharpChart for you from David England

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