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Look for Shares of iPath Goldman Sachs Crude Oil Total Return Index ETN to Potentially Rebound after Yesterday's 3.28% Sell Off

By David Diaz

iPath Goldman Sachs Crude Oil Total Return Index ETN (NYSE:OIL) traded in a range yesterday that spanned from a low of $5.30 to a high of $5.49. Yesterday, the shares fell 3.3%, which took the trading range below the 3-day low of $5.47 on volume of 1.3 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

SmarTrend is monitoring the recent change of momentum in iPath Goldman Sachs Crude Oil Total Return Index ETN. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of iPath Goldman Sachs Crude Oil Total Return Index ETN in search of a potential trend change.

Over the past year, iPath Goldman Sachs Crude Oil Total Return Index ETN has traded in a range of $4.30 to $13.17 and is now at $5.34, 24% above that low. Over the past week, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has advanced 1.6%.

Keywords: rebounders ipath goldman sachs crude oil total return index etn

Ticker(s): OIL