Crude Oil has continued to rally in our direction since my previous update. As mentioned, the bullish inventory reports boosted prices initially and the market has been helped by a number of other fundamental factors including: signs of a weaker dollar, ongoing shuttered gulf production due to the numerous recent hurricanes, and comments out of Saudi Arabia encouraging OPEC compliance on productions cuts. Technically, I am still bullish this position but today marks the initial day to roll the front-month contract (October) to the next contract month (November). You can see the majority of trading volume is now in the November contract, due to the October contract expiring next Tuesday 9/22.
At the time of this email GCLV20 is trading @ 41.25 (profit of $1,450 per contract) with a high of 41.49 (profit of $1,690 per contract). Great job to all who participated in this trade with me!
I recommend exiting the October contract now and taking profits before the weekend OR rolling into the November contract (GCLX20). If you want to discuss your options with me further then please give me a call at 312-706-7639!
BOUGHT GCLV20 @ 39.80.00
SOLD GCLV20 @ 41.25 ($1,450 profit per contract)
*Risk/reward are calculated before commissions and fees*
30 MIN CL – UPDATE
Daily CL – UPDATE
Jace Jarboe | Futures & Options Broker:
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