Unusual buying activity on the 14s lets see what happens on a midterm run.
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... for a .77/contract credit. Truth be told, I kind of hate USO, with XOP being my go-to for petro-based plays. That being said, with its high implied volatility rank (65) and its decent background volatility (31%), I figured I'd throw a "can't hurt much" trade on here as a demo trade for a "safety tape" setup. The basic notion of a "safety tape" trade is to...
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Crude Oil looks to be completing its ABC correction into the $69 range. Wave 5 would equal Wave 1 of C setting up a great opportunity on the short side of crude oil.
Oil ETFs saw a sharp sell-off last week over concerns regarding Russia and Saudi Arabia. Given the support levels of the channel we have been trading in, I would like to see a bounce to the upside in the near future. Upcoming OPEC meeting on June 22 is a cause for caution in the energy sector, making volatility likely.
If oil moves above this line I feel we could have a further move to the up side, I will layer into this trade in the event we break tehn retest back into the current price range.
oil is currently in a strong uptrend in 2018. Look for oil to peak in the high 70's then make it's gradual fade over the next 4-6 years.
Random follow up to my West Texas Oil chart.
A wedge has formed on the crude hourly. It could break either way, but I'm leaning toward the short side with a target of at least 65.5 over the near term and possibly 63-64 over the next week or so.
Some short targets for the few remaining bears. Keep in mind the options skew bearish since there is very large open interest for in-the-money call options. My opinion is that we will see a low around 63-64 in the next week or two.
Meant for intra-day purposes. Oil is clearly propping markets. It seems to have bottomed for the time being. Bullish for a short-term play.
A measured move targets $69
a possible short target heading into the end of april
Not sure what this is about but after the 66.66 peak earlier this year the dow fell by 666 points. Since then local highs in the crude have occurred at 66.55 and recently today 66.44.
Oil within recent uptrend. Looking for a reversal here for the next week or two. Playing this via refinery and oil producer stocks