TVC:USOIL   CFDs on WTI Crude Oil
Technicals are indicating a continuation of an uptrend from last pullback.

The play here is buy USO for long. Crude will go to 80 very fast due to short covering that will occur if OPEC states it will not support an increase in prices.

Think about it, why should the kingdom add more oil to the supply because of US sanctions.

There are many plays here to watch such as the EUR/USD .
Oil up-Dollar Down-Euro up


Take your pick. Either way, there is a Delta coming to the sector.

Leveraged players can use USO option calls at 12-13 range with Sept expiry.
Comment: This is going long and hard. 80bbl crude is now in play for the end of July.
Comment: Big jumps due to US state department notice to all buyers to unwind position with Iran.
Comment:
Comment: Continues aggressive movements...Still projecting 80 in July
Comment: There is a start of a small pullback. However, this is a very strong uptick and this may be short lived.

Comment: I am still in this trade as a free trade and completion of 400% gain on July 14 dollar calls
Comment: Ticker USO
Comment: My plan is to close the trade at the 1.272 FIB extension.

Okay, now I have time to put together a better look at Oil.
Because of demand outstripping supply and even if the OPEC nations increased production, there is still going to be a shortfall. The US has declared cold turkey for November or else get kicked out SWIFT to all players. There are ways around this but for the most part, Iranian crude is DOA. Because many contracts are 6 months out and I am sure force majuere is being declared, buyers will have to find real supply now. In my experience, this does not happen fast. 80 crude is coming fast and it is entirely possible 85 at the end of the year.

I will share that my works in fuels and outcomes are regarded by some as stellar. As an example, at the crash of 2014-15, I advised my clients to go long for 2017 and 2018. Many have gained over 1000% on my assessments. No one can predict the future but oil is predictable because it is needed and shortfalls cause radical movements. The shorts got hammered several days ago and they are still covering.

All technical indicators I use are screaming higher and we are at a resistance stage now, but I expect that to fail and a new high to be established with upward momentum.
Reply
Tara ramonbenavides12
@ramonbenavides12, I'm sure there will be pullback after this rally. What is the best price to re-enter a buy? Thanks again.
Reply
@Tara,
You are correct. This rally is a close the cup and erases earlier losses. Use the Fib and any pullback greater than .382 as an entry from the recent low to the recent high.
Reply
Tara ramonbenavides12
@ramonbenavides12, Thanks again.
Reply
@Tara,


At present this is 69.64
+1 Reply
Thanks
Reply
Thanks!
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Get Help Ideas Published Followers Following Private Messages Chat Sign Out