Oil, Oil and 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.

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This is going long and hard. 80bbl crude is now in play for the end of July.

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Big jumps due to US state department notice to all buyers to unwind position with Iran.

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Continues aggressive movements...Still projecting 80 in July

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There is a start of a small pullback. However, this is a very strong uptick and this may be short lived.

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I am still in this trade as a free trade and completion of 400% gain on July 14 dollar calls

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Ticker USO

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My plan is to close the trade at the 1.272 FIB extension.