Oil Megaphone

The Megaphone or Reverse Symmetrical Triangle in crude oil fund USO looks interesting.  These are usually thought to be reversal patterns.  If that is what this is, it will end up having been at least a year before proving out. Even a bounce to the top line would be a good trade.  I am going to think about slowly scaling in to hedge winter fuel … Continue reading Oil Megaphone

Update; Key ETF Charts

A reminder that ETF charts are more a snapshot to current status than comprehensive TA.  Also, to save time the MACD (which is usually noted as green (positive) or red (negative) will be colored blue in ETF updates going forward.  The relevant point to the color coding is whether MACD is above or below zero.  Also, RSI is added and the charts have a new format.

GLD broke down from an unimpressive short term uptrend (low relative ‘up’ volume), keeping the long anticipated support zone in play.  That support zone is quite important.  GLD is neutral-bearish, but with a potentially bullish pattern.

Continue reading “Update; Key ETF Charts”