COP hit $104 this weak with RSI hitting 75 - highest monthly reading since 2005 with divergence in this expanding topping pattern.
Retraced back up to 0.618 @ $100 today.
Not advice.
Retraced back up to 0.618 @ $100 today.
Not advice.
Comment:
Does get the 3rd touch on arithmetic
Comment:
This might just be my best call no-one saw. Down 4%and a nice gap down today. May have just shorted the tippety top @$100.
Comment:
In the end the trendline did get hit in log mode and could have been even more patient, but it wont make a difference in the end.
Just to add in case I show this page to someone down the road - this trade was made with 2024 LEAP puts ATM with very low implied volatility - 39 and so once COP gets moving to the downside this will take advantage of IV increase which will add value to the option as well as bearish price action.
Just to add in case I show this page to someone down the road - this trade was made with 2024 LEAP puts ATM with very low implied volatility - 39 and so once COP gets moving to the downside this will take advantage of IV increase which will add value to the option as well as bearish price action.
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