There’s one market that is now defying the others, with short-term cycles pointing higher and the charts also looking good.
It’s crude oil. Suddenly, the tone in crude has changed to the upside – even after the latest pullback. Besides short-term cycles pointing higher for the next two to three weeks and the charts looking good, an informal OPEC meeting has been organized for later this month. OPEC members are getting tired of low prices, which are crushing their economies.
Whether they come to a production cut agreement or not matters little right now. With cycles and technicals pointing higher along with improving sentiment, oil looks headed higher now to the $50 to $52 level.
My recommendation: Buy shares in VelocityShares 3x Long Crude Oil ETN (UWTI), a triple leveraged long crude oil position.
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For ALL Members: Using 3% of your funds allocated to this service, buy VelocityShares 3x Long Crude Oil ETN (UWTI) at the market. Place a protective sell stop, good till cancelled, at $21.03. |
Go ahead and get this order in asap and stay tuned!
Best wishes,
Larry
