UCO/GDX update May 20

UCO: red c=a target reached (with a being the move off the February low) and at Wednesday’s high the 1.382x extension of (blue) a, from b was reached as well. price remains in blue and green uptrend channel. close below $12 will give an ideal and confirmed A.I. sell signal and break down of the uptrend.

UCO

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GDX: All TIs are pointing down, wanting to see lower prices. The red arrows show support: 50d SMA at $22.30 and rising, followed by the 100d SMA at $19.25 and rising. Both price targets are around the blue S/R zone (where price stayed in most of March. Within that area would be a great buy opportunity when a new ideal buy signal setup occurs.

gdx