Volume is surging to the highest levels since oil exchange traded funds first started hitting the market a little under three years ago. You can see it in USO above and in DXO, the powerShares crude double long below, both of which I own. Is this the bottom?, all we can be sure of is that these ETFs are at all time lows as volumes surge to record highs. Typically bottoms happen with well above average volumes but today's price action was indecisive, note the
doji below. In other words, the volume is there all that is required now is price movement (out of the falling wedge).
Volume is surging to the highest levels since oil exchange traded funds first started hitting the market a little under three years ago. You can see it in USO above and in DXO, the powerShares crude double long below, both of which I own. Is this the bottom?, all we can be sure of is that these ETFs are at all time lows as volumes surge to record highs. Typically bottoms happen with well above average volumes but today's price action was indecisive, note the doji below. In other words, the volume is there all that is required now is price movement (out of the falling wedge).
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