CRUDE DECLINES ON RECOVERY CONCERNS

“Oil seems to have been caught in a trap,” said Mark Pervan, senior commodity strategist at ANZ Banking Group Ltd. in Melbourne. “It has been wanting to see a correction but a weakening U.S. dollar and firmer equity markets have made that difficult.”

The above statement certainly matches this chart of DIG, Ultra Oil & Gas ProShares ETF.  While the channel and the current pullback (with more to go on the downside) is clear, so is the longer term trend:  a glide path UP.