Vacation time is here

Amanpulo in Palawan, Philippines

OIL at major inflection point

I opened up a new LONG position trade by buying AUG 95 call options for OIH yesterday at an average price of $3.80. The trade is based on the idea that DUG (inverse ETF) is to resume downtrend from here after touching a major resistance line (see 2 year char) and reversal pivot point at 38% retracement area.

Stop point is if OIH breaches bellow $85 area and next buy point is if OIH move above $100.