Look up the word contango. You're constant buying more expensive futures contract to replace expiring futures contracts that have declined in value over the previous month. Therefore, if the price of oil stays the same, you are guaranteed to lose money. The only way these ETN's make sense is if you buy one day and correctly time a big spike the next day.
If you "don't understand the price action" why are you buying in here? Also, are you aware that the price of the stock will be reduced by any dividends MEMP declares between now and January 2017, so the distance to $10 may be longer than you think.