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Watch for iPath Goldman Sachs Crude Oil Total Return Index ETN to Potentially Rebound After Falling 1.79% Yesterday

By James Quinn

iPath Goldman Sachs Crude Oil Total Return Index ETN (NYSE:OIL) traded in a range yesterday that spanned from a low of $6.05 to a high of $6.10. Yesterday, the shares fell 1.8%, which took the trading range below the 3-day low of $6.13 on volume of 2.3 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

SmarTrend is tracking the current trend status for iPath Goldman Sachs Crude Oil Total Return Index ETN and will alert subscribers who have OIL in their portfolio or watchlist when shares have changed trend direction.

iPath Goldman Sachs Crude Oil Total Return Index ETN share prices have moved between a 52-week high of $13.17 and a 52-week low of $4.30 and are now trading 41% above that low price at $6.07 per share. The 200-day and 50-day moving averages have moved 1.24% lower and 1.58% higher over the past week, respectively.

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

Ticker(s): OIL