Oil prices continue to rise despite news that OPEC will increase output. I am recommending a put to sell on Devon Energy (DVN) — a U.S. fracker we traded successfully last month – that is roughly 7% out of the money.
I hope to roll the put up to a higher strike price for the same expiration date or close early to boost our potential rate of return.
Current Stock Price: $76.45
Action: Sell to open the DVN Jun Week Two (6/10) 71 Put for around $0.67. You can go as low as $0.57, but please don’t start there and always use limit orders.