Disappointing Jobs report (June 18,000) is sending WTI crude oil lower this morning, currently around $97.00. ITZ is long Proshares Ultra Crude Oil (UCO) entering 1/2 positions at $38 & $42.50. In the chart below ITZ uses 3 Fibonacci tools as well as a channel, ITZ PT on UCO is $47.50, 38.2% retracement/ 200ma. Stochastic is in overbought territory, RSI may be reversing, ADX bullish.
Suggest raising the current STOP from $40.50 to $42.50
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Crude oil posted its first significant close above the level we saw before the Obama administration's move to tap the nation's strategic reserves, with John Kilduff, Again Capital.