UCO update July 18

UCO: Appears to be forming a classic bullish falling wedge (blue lines). This means short term downside, long term upside. The wedge targets $10-$9.5, but not necessarily as price doesn’t always go to the very end. Break above the upper blue trend line will mean price would want to target $13. The TIs show a slowing downside momentum and are setting up for positive divergences.

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