Rig consolidates on Fib as Oil corrects

Oil is likely to be a huge player this year, the year after a tech run, value and certain commodities are likely to run. Rig has been on a major upswing since 2021. The stock meanders between two fib levels and has heavily consolidated here (.382). A colleague of mine pointed out Jan 2025 7$ calls and the open interest is huge. This more volatile play than XOM CVX OXY could provide massive leverage for a bet on oil prices increasing. Another run to the more important golden fib would make the calls very lucrative.