Oil prices are pulling back a bit this week after reaching a new high for 2016 at $46.78 on Friday.
However, there has also been an important change in the neural net model for crude oil, which you can see here in my latest chart.
It now appears that oil should turn south heading into the summer months, into mid-August.
Thereafter, we should see a renewed rally.
Nevertheless, I now recommend we set a sell target for the July 2016 ProShares Ultra Bloomberg Crude Oil (UCO) call options. You will be taking a small loss on the position. See instructions below.
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ALL Members: 1. SELL TO CLOSE, ALL July 15, 2016 ProShares Ultra Bloomberg Crude Oil (UCO) call options, with a strike price of $10, symbol UCO160715C00010000, at $1.95 or better. This order is good till cancelled. |
Stay tuned and best wishes,
Larry
