Everyone is eager to jump in on oil’s upside after the attack on Israel.
First of all, my heart goes out to those affected by this unjust attack. I’ll keep everyone in my prayers.
And today is not about profiting from war.
If you know anything about me, then you know where I am going with this.
It’s all about the price.
Always has been, always will be.
And that’s why we are breaking down the price in oil today with a Chart of the Day.
Because, while any disruptions in the Middle East creates upside to oil, a weakening economy is going to weigh it down.
So it’s a toss up as far as the ripple effect from the violence.
I’m not counting on an escalation of conflict, nor am I betting on an all-out crash in the economy (though I still believe it is coming).
I’m laser focused on this chart…
I’m taking my Bank It or Tank It concept to a whole new level.
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With all that said, don’t blame me if the chart supports a bullish trade in oil right now.
All I’m doing is pointing out the trend.
And right now, it is bullish.
I’m banking on a rally in oil over the next few weeks. And this chart is why.
There’s a beautiful green support line that is our line in the sand.
Oil is a volatile commodity to begin with, but that support came after a gap higher, which held on the retest a few weeks later.
And with the decline in oil last week, it also held above this green support.
So watch that closely, folks.
Oil stays above $83 per barrel, and this is Brent on the NYMEX, stay bullish.
A few ways to play this.
One, simple call options on oil exchange traded funds. Buying a leveraged oil ETF or jumping on individual oil stocks that are strongly tied to the price of oil.
A few to trade are Haliburton (HAL), Hess (HES) or Schlumberger (SLB).
I’ll add all three to my Bank It or Tank It watch list and let members of my Flash Alerts service know as soon as they trigger a trade.
If you want to join us, and stay on top of the latest trends in the market, click here to subscribe today.
Let’s get it!
Chad Shoop, CMT
Editor, Bank It or Tank It ELITE