Markets rallying to ATH has VIX/VXX/UVXY at highly oversold levels. If the trend from the last month or so holds, then UVXY is right in the buy zone on the 2h. I can't say it won't sink lower, but this region for the last month has been prime for support.
Note
Lets see what next week holds. UVXY settled to a nice bottom and both the MACD and RSI are on the rise. Don't know if next week will be big, but should be some form of spike. At least that is the bet that I placed.Note that these charts have extended trading hours enabled for the 2h
1h day trading
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Mondya morning 8:40am. Sitting on the bottom of my buy zone box. Lets see if it holds or it drops down to the green support trend line.Note
After a promising start to the day, UVXY has taken a dive most of the afternoon is down below the $10 level that it has to this point been strong support. Thank goodness for stop limits.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.