Well, if there were any doubts about the Oil recovery, hopefully those have been put to rest. We initially called out $37.09 (on the Crude Oil Futures contract) as the trigger level that confirmed the recovery in Oil was underway. That was back in early March, six weeks and 12% worth of gain ago.
And it is highly likely to continue up to the projected levels of $63 – $84. It won’t go straight up, but the Technicals are clearly pointing to those levels through this year and next.
We called out a few potential Oil trades as this was playing out;
WLL: Initial entry was $8.57, Initial stop of $3.33, target of $17.25. We got an entry on that and it is now at $10.84, a 26% profit so far! It is on its way to the target and stop has been raised to $6.56. Very nice!
USO: Entry was at $10.25, initial stop at $8.13 and a target of $15.75. We got the entry and are at 2% profit with the projection still looking great.
TOO: Entry was at $6.79, initial stop at $2.62 with a target of $16.09. We got our entry and current price is $6.82, a profit of 2% so far. Stop has been trailed up to $4.73.
These trades still look great and there is a high probability of them hitting the targets for really impressive profit. Enjoy this complimentary video on Projecting Price Targets.
If you like these updates on Oil and the specific trades, be sure to let us know and we will continue to provide updates.