Breaking!

Million Dollar Options Strategy Exposed

Learn how Nathan Bear went from struggling, small-business owner to Multi-Millionaire in a short period of time.

Join this exclusive session as Nathan shares the strategy that can help you potentially build life-changing wealth!

Today’s Trade: Resolute Energy Corp. (REN)

Taylor ConwayTaylor Conway ·

The set-up: Oil has found a short-term bottom – and only a short-term bottom – and the commodity is due for a rise. But I’d rather play individual stocks than the commodity, because when oil finds some strength the individual names will go up a bigger percentage than the commodity itself and strong companies like Resolute will lead the way.

Resolute has great fundamentals and is oversold. Look closely at Tuesday’s action, and you’ll see that the first daily candle was put in for an oversold bounce. The perfect entry point is at the beginning of that kind of movement, so you have the ideal entry point for a day or swing trade.

See how Jeff Bishop of Top Stock Picks took a different approach to trading a bounce in oil

Upside potential: From here, I think the stock could go as high as $33 in short order.

How I am playing it: I’ll be buying at the open with the stock below $31.20. I’ll set my stop-loss near yesterday’s low ($28.55), but I expect to be taking profits on this, which I will start doing above $32.

#-#-#

   Taylor Conway is the lead day trader at PennyPro.com. He is a short-term day trader of stocks and ETFs.  At the time this article was published on RagingBull.com, he had no open positions, options or orders in REN, but he was planning to buy it and trade it as described in the article. He has not traded the stock this year, having last made a move in it in December 2016.

Trending Now

Bull or Bear Market….It Doesn’t Matter

Kyle Dennis’ new, 5 min strategy is poised to double account sizes weekly! “I got out of GE trade at 379% $0.16-$0.77, thanks Kyle!” Said client Lance P. Check out the free training that started it all. (View Free Training)

SuperNova Service Leading Clients to 5-Figure Profits Consistently

“BOOM!!! Booked another $13,985 in profits on my long position $VMNGF. Great report came out premarket. Thanks Jeff at SuperNova for teaching me to make $$$ in the market.” Said Todd V. Jeff Williams is helping transform small accounts daily. Don’t miss his free walkthrough. (Watch Now)

Jeff Bishop, RagingBull.com Co-Founder, “Trading My Strategy Takes A Few Minutes a Day!” 

“Jeff, I have to say I was a little gun shy, but I bought the lifetime service (to Bullseye Trades) Friday night. First trade with your service…in LULU, 205 Calls at $4.70. (I) was going to be away from all internet connections for the next 3 days. It hit my sell price at $6.25 ;)” said James W.    (Read More)

Be a Better Stock Trader, Starting Today

Get the expert insights, tips and strategies you need to optimize your trading skills and profiles
START NOW