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NRGU

MRO US Oil LongThe US Energy Department has announced open bids for oil contracts to replenish the national strategic reserve which was depleted during the prior run up on global oil prices. This is a sure sign that the feds think that spot oil has but in a bottom especially in the context of shipping disruptions and higher insurance costs due to terrorism /piracy in the area of the Red Sea and Suez Canal. In the meanwhile two South American countries are having sovereignty disputes over oil fields and the British Navy is offshore to buttress the interests of Guyana. MRO is a domestic oil producer that is independent of Middle East issues. Its oil is consumed mostly in the US with a little shipping to Asia only. On the 50 minute chart, price downtrended from January 3th through and then below the high volume area of the volume profile. Price has reversed back up and reapproached the evolving high volume area. The dual TF MACD ( by Chris Moody) shows moving average divergence. Chris Moody's dual TF RSI indicator shows the faster TF RSI rising over the slower TF RSI as a sign of bullish momentum. I have taken both a stock and call options position in MRO having zoomed into the 15 minute TF for a good entry. Given the level of challenges current geopolitics presents to smooth flowing and inexpensive shipping of crude oil, I am expectant of significant gains in these positions. I have also looked into a position in OXY and CVE, which is a Canadian crude producer.
MLong
by AwesomeAvani
2
NRGD a 3X Leveraged ETF that shorts oilNRGD goes up when oil goes down; this ETF tracks the oil futures ; it is leveraged and managed. Here on the one-hour chart with an Bollinger Bands and EMA bands indicator added, it can be seen that price had been trending down in two waves beginning June 1st , Upon dropping outside the BB lower line, price reversed upward to reach the upper BB line and reversed again. Finally, price dropped outside the BB lower line and reversed this past Thursday. The RSI oscillator has recently trended between 65 and 40, suggesting healthy price action without and oversold or overbought conditions. As it is now trending up again. I see it as suitable for a l long trade. I have plotted horizontal resistance lines in order to plan a tiered exit from a trade of 4 shares where I will partially close the position by selling a share each time price reaches one of those lines. At the same time, I will move the stop loss up to midway between its l location and that line. I will repeat this until all shares are sold. I am expecting a 12% profit overall for a week-long trade. This will be a free trade without risk after the first move of the stop loss to above the entry point. If the RSI remains below 80, I may let the last share run until I am alerted that price has hit the BB upper line by an alert or alternatively set up a trailing stop loss of 2%.
NLong
by AwesomeAvani