Crude Oil Buy, Sell or Hold?

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Crude is testing support around $92/$93 level.

ITZ gave a buy on crude via Proshares Ultra Crude Oil ETF (UCO) a few weeks ago LINK
Legging in with 1/4 position entries, $29.25, $29.60 & $30.30.

Over the last few weeks, crude has been pressured to the downside as the U.S. brokered a nuclear deal with Iran. Which many remain skeptical of... Read

American Petroleum Institute late Tuesday reported a 6.9 million-barrel jump in crude supplies for the week ended Nov. 22 Read

U.S. Energy Information Administration showing that crude supplies climbed by 3 million barrels for the week ended Nov. 22. Read

 

Crude is facing a 'Death Cross' on the daily chart, not necessarily a bad thing. Last time it did, June 2012, it rallied a few weeks later. ITZ has placed a stop using $92 WTI & $28 on UCO. We could see a quick selloff to $90 or even $86 over the next few weeks. If so ITZ will get 100% long via UCO.

Check out this report from Dan Dicker Read