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Watch for iPath Goldman Sachs Crude Oil Total Return Index ETN to Potentially Rebound After Falling 1.29% Yesterday

By Amy Schwartz

iPath Goldman Sachs Crude Oil Total Return Index ETN (NYSE:OIL) traded in a range yesterday that spanned from a low of $4.92 to a high of $4.98. Yesterday, the shares fell 1.3%, which took the trading range below the 3-day low of $4.94 on volume of 1.9 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

SmarTrend recommended that its subscribers protect gains by selling shares of iPath Goldman Sachs Crude Oil Total Return Index ETN on April 27th, 2017 by issuing a Downtrend alert when the shares were trading at $5.22. Since that call, shares of iPath Goldman Sachs Crude Oil Total Return Index ETN have fallen 3.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

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 $4.97, 16% above that low. Over the last five market days, 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