UCO – Chart of the Week for November 14, 2023

by | Nov 14, 2023

It’s time for my Chart of the Week — and make sure you read through to the end, because the chart I posted here 4 weeks ago took off like a rocket!


This Week’s Chart

The Chart of the Week is UCO.

I cover /CL (crude oil futures) on my YouTube Morning Monster livestream every day.  ← you should probably subscribe!

UCO is a leveraged ETF and one of my favorite ways to play moves in crude oil.

UCO had a nice move up off the early summer lows but then abruptly found a top in September.

/CL has a somewhat perfect “measured bounce” in place. The measured bounce is my favorite — and often the most explosive — Fibonacci pattern.

UCO has a little less perfect “measured bounce” setup in place. UCO has a Market Roadmap bounce in place and is breaking up through the RML* on the daily chart.

The Numbers

I see a SUPER aggressive entry right now on this break above the RML.

A bit more conservative, but still quite aggressive would be to wait for the gap fill near $32 on UCO.

A much more conservative entry would be to wait for UCO to move above $34.50.

This pattern has a fairly sizable downside to around $20 before it becomes completely invalid. (plan accordingly as leverage can cut both ways)

The conservative target on this move would be a return to the high of $37.

Then we climb the Fibonacci ladder higher to progressively more aggressive targets of $39, $42, $44, and then finally the big picture bullish target of $48 from which (if we get there) we might see a pullback and get some nice continuation to even higher targets.

Each of these target levels can act as resistance and may result in a retrace to a prior level of former resistance which has turned into support.

The Chart

You can go check out my chart marked up with notes (entries, targets, etc) right here: https://www.tradingview.com/x/w7JdnTxG/

Good Luck!

— Jeffry Turnmire

PS> *The RML is shorthand for the Roadmap Line. It’s my custom-built TradingView indicator that helps me spot many of the trades I post, including this one. If you’d like to grab it for yourself — and get access to my private Discord channels, too  — just click here to pick it up for $5!
PPS> A know a lot of people think that these free charts I provide can’t possibly be any good. So go take a look at WMT.
I posted it as a the Chart of the Week exactly 4 weeks ago. Go see at where WMT is now. 👈👈

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