This Drop In Oil Prices Is Real - Mike Swanson (03/14/2017)
After trading in a $2 point range all year the price of oil smashed through $50 a barrel last week and is continuing to drop with the technical indicators pointing down.
What you are seeing in the chart above is the UCO ETF, which is one of the leveraged 2X ETF's for oil.
It's dumping and now has support at the lower 200-day Bollinger Band at $16.29.
However, I am not confident that level will last all year.
Last week I did a post in which I noted that oil has big problems and something huge happened the other week to it at the place I put the arrow on the above chart.
To see what happened and what is wrong with oil go to my post last week here.
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