Hi Shoppers,

Wow! Nice rally.

But while the stock market has been trading higher, the March Crude Oil Futures have been trading lower:

I have a short-term support line, which the futures are now testing.

I will be watching closely this morning along with another oil chart.

Oil!
The other chart I will be watching is the United States Oil ETF (Ticker: USO):

I have a short-term upward trendline in place that has been tested once and now again yesterday.

Also, yesterday’s candle looks like it could be a doji, which would indicate a change in this mini downtrend.

I will watch for USO to open and trade higher for at least an hour.

Looking at the options …

I like next week’s 67 calls.

Be sure to wait for the proper confirmation before entering this trade.

Keep your loss at 30% on the downside.

I think USO can trade back up to $70-$72.

Don’t forget to check those March Oil Futures also, before entering this trade. You can find them on the CME Group website.

Thanks for Reading … See You Next Tuesday,

Licia Leslie