SCO

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$WTIC had a nasty little pullback yesterday from its 200dma.  MACD is still in a strong uptrend and is showing a nicely positive divergence having exceeded the May 1st high while price is still well below the May 1st high.   But RSI is overbought and May 1st was the date after which $WTIC rolled over hard.  $WTIC is still in a longer term downtrend from its February highs and the last time RSI was overbought was at those February highs.  In addition, unless $WTIC is able to continue higher, the 200dma will become downward sloping.

I’ve continued to hold my UCO longs as a way to play the possibility of Israel bombing Iran.  I will continue to hold my long UCO shares as that airstrike can happen any time.  I’m thinking though that I should take a very small position in SCO to hedge my UCO.

*update* I did buy a little SCO 5 minutes befor the close.  1% of my capital at cost basis ($37.87).  Not sure if I will add to the position or not.

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