UCO and other Oil long plays

The recent uptrend started 2 weeks ago.
Today, it gapped up to the 80-83 resistance band.

Upside potential appears limited.
 
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KCalhoun said:
On news re Saudi production cuts

https://www.cnbc.com/2023/04/03/oil...ise-cuts-analysts-warn-of-100-per-barrel.html

Other favorite oil trades, eg OXY
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I think OXY is a right trender favorite of W buffet;
CVX also\ but i like the DRIP downtrender trades some \ CVX being a leader in downtrends this year.
Havent checked MPC lately good up trender leader. I buy some gasoline @ WMT 's MUR, but different stock + set of books from WMT, a favorite of Citidel market maker.
I think part of the problem is big TREND/ers like MUR are UP about 100% 2022\ +elephants trying to get out quietly, with few tracks /but like IBD noted ''when an elephant gets in[or out] of a bathtub....LOL:D:D '' Good anti ESG, anti woke broke trade+ profits.........................
MY start position of oil servers is not green \so no adds to it.But good anti ESG, investment
 
The Oil permabulls on CNBC have been a disaster. Oil will go lower just like the stocks. BP earnings report was a disaster. XLE & USO is a short for sure.
 
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