To receive further updates on this United States Oil Fund LP (NYSEARCA:USO) trade as well as an alert when it’s time to take profits, sign up for a risk-free trial of SlingShot Trader today.
Today, we’re opening a new bullish trade on United States Oil Fund LP (NYSEARCA:USO).
After last Friday’s oil debacle, we have been waiting for some sign that traders have begun anticipating additional OPEC intervention (verbal or otherwise) in the oil market.
The decline was initiated by comments with the Russian oil minister that production levels may be increased, but doing so at the expense of lower prices seems unlikely.
In the short term, we expect that traders will be planning for a flip-flop from OPEC. The underlying fundamentals are reasonably positive as well, which should help boost prices up off of support.
‘Buy to open’ the USO July 14 Call (USO180720C00014000) for a maximum price of $0.45.
Follow our Facebook page to receive each Trade of the Day direct to your News Feed — and join the conversation.
You can learn more about identifying price patterns and using them to project how far you think a stock is going to move in our Advanced Technical Analysis Program.
InvestorPlace advisers John Jagerson and S. Wade Hansen, both Chartered Market Technician (CMT) designees, are co-founders of LearningMarkets.com, as well as the co-editors of SlingShot Trader, a trading service designed to help you make options profits by trading the news. Get in on the next SlingShot Trader trade and get 1 free month today by clicking here.