The following is just a small excerpt from my latest Weekly Strategy Session (please click on that hyperlink for details about trying it out). which I published for members and 12631 subscribers this past Sunday.
Over the weekend, Iran and six world powers reached a breakthrough deal to curb Tehran’s nuclear program, in exchange for limited sanctions relief (source).
The ramifications of such a deal may be seen in the oil market. Crude oil has been mired in a steep downtrend since its late-summer false breakout higher. Should crude gap down early this week as a knee-jerk reaction to the apparent peace deal, I am watching the $33 level on the USO ETF.
After a steep downtrend, I am specifically looking to see if buyers would defend that level of prior support for much of the summer, opening up the potential for a quick trade on the long side (UCO is the levered long ETF for crude).
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