In the first Oil post, I said “if Oil futures go up through $37.09, the recovery is on.” In the second post, I said “Oil recovery is a go!” after it went through that level. And, I said pullback would be normal before going on to make new highs.
It is playing out in textbook fashion! If the latest high of $39.03 gets taken out, then that just makes the case for a corrective wave stronger and stronger.
Also in the last post, we looked at WLL (Whiting Petro) as a good stock to play Oil with. $8.57 was the trigger level to get in at. That triggered and this trade still really looks good. Entries are still possible. Initial stop is at $3.33 and the target price is $17.25. USO (Oil ETF) was another potential trade. Entry is good right now. Waiting for another high to be put in at $10.33 is a conservative way to play USO. Initial stop is at $8.10 and target is $16.00.
The profit potential on the Oil recovery and these picks are really, really good and it is going to be fun to update them. I’m looking forward to it and will provide a few updates per week.