Gasoil Elliott Wave story is less controversial than Crude Oil story . The price rests on Moving Averages support and Gasoil crack appears to be on an upward trend too. This suggests that refinery margins are likely to improve.
In practice, this means that Gasoil prices are likely to grow faster than Oil prices, perhaps due to unsatisfied demand for diesel...
INVESTMENT CONTEXT
Inflation in the UK reached 9.1% in May, up a tad from 9.0% reading in April
IEA warned the EU to brace for a potential full cut of energy supply from Russia, with outsized repercussions on the bloc's GDP
Germany’s finance minister called the EU ban on sales of combustion engines cars by 2035 a “wrong decision”
Goldman Sachs upped...
Break out from the descending wedge looks imminent, after weeks' consolidating in a tight range.
Current position: None (as already heavy in PSX)
Disclaimer: These should be seen as the commentator's Notes to Self. Hopefully educational but aiming for entertaining. No legal or financial liabilities should be pursued from these materials.
Quick pattern update here.
WES appears to have an Inverse H+S pattern forming on the lower timeframe.
A clean break from the pattern would target the $9.30 range, setting a conservative exit, with a close below the purported right shoulder would minimize potential for losses.
WES has been one on my list for a while lately and I recently closed a position for...
There are two ways to trade this. One is to short TSO to $73.40, and if the resistance holds, go long until $77.90. That's too risky.
You can do that, but I'd rather play this as a straddle. Sell the $70 puts (1.25) and $80 calls (1.31) September calls.
Max Profit: $256 per option.
If oil takes a significant dip overnight, I will be short MPC. I don't think there is any fundamental to support this stock to the upside anyways, so I am shorting calls. Plus I am not much of an options buyer unless to trying to hit a home run.
The blue line represents options expiration day. These are 4h bars.
Important to note that NOT all refiners are...
Look guys, this is the same Fib retracement that has HELD since the Jan-Feb selloff. Do not take my word for it. Look at my previous predictions, load the new data, and see how much money was made.
MPC has had a history of bucking the market. When SPX was down 2%, this was down 7%. When SPX was up 3%, this was up over 8.5%. This is a lower liquidity, higher...
No reason to hold anything over the weekend unless you have to. Something smelly about the markets. I can feel the SPY wanting to sell.
MPC rallied up testing 37.00 fib level. It tested that level and it did not breach. The chart indicates overall bullish. It has/is building a nice $35 floor for itself. THE MODEL HAS NOT BEEN RE-DRAWN AND MPC IS TRADING PER THOSE...
If you went bullish on calls per my previous post, you are enjoying a nice pop today. My time horizon is longer so I am holding until $38.75 (the next fib level). The MA just crossed and I want that to marinate for a few sessions. You should be just playing with house money now if you bought the day or day after I posted.
This is technicals-only trade devoid of...
Get em while they're cheap! You might find cheaper premiums on HFC as they nose-dived yesterday, but MPC has stronger fundamentals IMO.
And a reminder like always, MPC has a history of bucking the market the market: SPY.
In regard to fundamentals, this is an oversold reaction to MPC and other refiners' posting losses for Q1 2016. We all knew the refining...
Please compare this to my previous post where I had drawn the Fib retracement. I have redrawn this to capture the double bottoms. I was not sure if it could break out from it's previous fib level and so far this previous retracement model is holding up.
I have said this many times, but will say it again. MPC has a history of bucking the market and is doing so...
