This week will be crazy for trading binary options on oil. We have chosen to trade the US based Light Sweet Crude contract for a variety of reasons - for starters there are extended trading hours on it and secondly its volatility has been immense in the past couple of weeks. After the market turmoil triggered by Russia today we are seeing a lot of opportunities to trade it. Let's have a look at our chart - we are seeing a sharp spike higher today that resulted in a top around 104.83 - that is the level that needs to be sustainably broken on the hourly chart to trigger a call trade on our side. On the downside we have substantial support in the 103.20-30 area. Should we see a close below we would be purchasing daily put options for Tuesday. Stay tuned to the comments section below in order to optimize your trading opportunities in oil this week.