Buy - Crude Oil ETF (OOO)
*** GENERAL AVICE ONLY***
Trade Date: 19/04/2024
Betashares Crude Oil Index ETF – Currency Hedged (Synthetic) (OOO) is an exchange traded fund seeking to provide investment results that correspond to the price and yield performance of the S&P GSCI Crude Oil Index (the Underlying Index), with a currency hedge against movements in the AUD/USD exchange rate. The responsible entity is BetaShares Capital Limited.
Recommendation
Buy OOO
Entry price: $6.40
Target Price: $7.00
Stop Loss: $6.10
Rationale:
Crude Oil has jumped 3% on news that Israel has attacked Iran. Crude is still under the recent highs earlier this week, so we could see the geopolitical premium send Oil over these highs over the weekend. Usually these events play out in 12 days or less, so look to exit the position next week. Markets are volatile at the moment so size risk accordingly
Disclaimer: The recommendation given is general advice only. It does not take into account your personal objectives, financial situation, or specific needs. This information should not be your sole resource when making such decisions. We strongly recommend you to seek the advice of financial, taxation, and legal professionals before finalising any investment decisions.