Here’s my case for $CVRR and my current position:

First, it has the volume and the range I like. Average daily volume is over 500,000 with a 1.25 average true range. Technically I’m long and looking for the $30 area.

Since Icahn took a bullish position in this U.S. refiner, we’ve seen an increase in volume and range. AJ with is right on when he guides us on day trades for Icahn plays. It’s not what you think and you have the potential to make quick points at the open on AJ’s incredible insight about how tickers react to these types of catalysts.

Second, on May 7 2018, Goldman Sachs upgraded to a buy rating with a $37 price target. In this time since, $CVRR has gained 8 points with the previously mentioned volume increasing daily.

Another catalyst is the growing sentiment on oil. As of today crude has pulled back a bit due to geopolitical issues in Venezuela, Iran and the Middle East. All leading indicators still point towards a $80 barrel price target. Goldman believes this will impact refiners in the positive term.

My current position is $30 Jun 15 Calls.

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