Here are three ideas for trading the potential oil hike as Saudi Arabia limits production.
The ETF OIH tracks oil companies and is a simple way to trade this a coming spike in oil and gas. It made a move above its 10 and 50 day moving average on Friday and that momentum is likely to push it higher. 290 July Call options are at about 7.40 this morning.
A bit of a longer term angle but one that has some tailwind already in its sails is to play the EV side of this gas spike. EVs have been enjoying broad market acceptance and the stocks still have room to move up. A couple we like are the ETF TAN and IDRV.
IDRV has also confirmed an upward move above the 10, 50 and 200 moving averages and has its next target at about 40. TAN failed to break through its 50 day last week but the MACD on that chart shows more room to the upside. Also, TAN July Calls at 75 are at about 1.75 this morning which is attractive if you are looking for a lower premium.
Keep learning and trade wisely,
John Boyer
Editor
Market Wealth Daily
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