Oct. 23 at 2:45 PM
$UUU is showing signs of stabilizing after a big move and pullback from the 6.75 highs. On the 4-hour chart, price is consolidating just above the 200 EMA at 4.54 and the 50 EMA at 5.09 is now getting tested from below.
EMAs are tightening and RSI is sitting neutral around 49. MACD is flattening out and we’re seeing low-volume consolidation which could be setting up for the next directional move.
On the 30-minute timeframe, bulls are starting to gain control again. Price reclaimed all short-term EMAs, including the 9 and 13, and is sitting right at the 50 and 200 EMAs near 5.13 to 5.16.
MACD is turning positive and RSI is curling up from 50, which suggests momentum may be building.
As long as UUU holds 5.00, I’m watching for a move toward 5.30 and then 5.60. Above that, the chart opens up toward 6.00 and 6.75. A close below 4.85 would make me reassess or step aside until it reclaims.
