BOIL Megaphone Pattern
BOIL on the 15-minute chart is currently in an upward facing megaphone pattern. I have drawn
in the upper and lower trendlines which are a form of static support and resistance. The
megaphone pattern is one of increasing volatility between buyers and sellers and indecision
It is the opposite of consolidation in a narrow channel. The anchored VWAP
shows BOIL to be between the mean VWAP and the first standard deviation band below it.
This is generally considered the lower part of the fair value zone. The volume profile has a
high volume area of in the price range of 3 to 3.7 while the POC line is confluent with the
VWAP. The "better" RSI oscillator/ indicator shows values above 75 at swing highs
and values below 25 at swing lows. My goal in this trade is to buy at the lower ( support )
trendline and sell at the higher ( resistance) trendline. I will be watchful for any fibonnaci
retracements of a prior trend. At present, BOIL is at that lower trendline and RSI is showing
weakness. I will add to my position now as I did in the whipsaw action some hours ago at the
location of the bearish engulfing candles in the premarket and the opening.
in the upper and lower trendlines which are a form of static support and resistance. The
megaphone pattern is one of increasing volatility between buyers and sellers and indecision
It is the opposite of consolidation in a narrow channel. The anchored VWAP
shows BOIL to be between the mean VWAP and the first standard deviation band below it.
This is generally considered the lower part of the fair value zone. The volume profile has a
high volume area of in the price range of 3 to 3.7 while the POC line is confluent with the
VWAP. The "better" RSI oscillator/ indicator shows values above 75 at swing highs
and values below 25 at swing lows. My goal in this trade is to buy at the lower ( support )
trendline and sell at the higher ( resistance) trendline. I will be watchful for any fibonnaci
retracements of a prior trend. At present, BOIL is at that lower trendline and RSI is showing
weakness. I will add to my position now as I did in the whipsaw action some hours ago at the
location of the bearish engulfing candles in the premarket and the opening.
Trade active:
BOIL rose above the lower trendline affirming my view of the trend. Adding to the positions.
Trade active:
BOIL above the lower trendline good unrealized ROI today; price is approaching the
POC line and anchored mean VWAP. Add another call option DTE 6/16
POC line and anchored mean VWAP. Add another call option DTE 6/16
Trade active:
BOIL up over 7% today in keeping with above idea. Call options captured more than 100% return in < 24 hrs. 1/3 of them closed running the rest to look for continuation tomorrow. Buying some more tomorrow with DTE 7/21 at the pivot low of day.