NYSE:OXY Massive Bullish Candle takes out 90 days of price action See the chart for more analysis Time is of the essence as they say; buy now or do not chase !
... for a 2.31 credit. Comments: Rolling up the untested side to delta balance with 28 days to go. Total credits collected of 9.35 with a resulting delta/theta of -21.12/22.65. The 135/145 is marking at 10.18 at the moment, so still slightly underwater with the setup leaning net delta short.
... for an .81 credit. Comments: Small delta adjustment here in my short strangle. Total credits collected of 7.04. Resulting delta/theta -20.58/17.32.
... for a 6.23 credit. Comments: High 30-day IV at 49.0%. Selling the 25 deltas on both sides. 6.23 on BPE of 13.99. 44.5% ROC at max as a function of buying power effect; 22.3% ROC at 50% max. Delta/theta -.24/14.96.
It all comes down to Newton’s third law “what goes up must come down”. With the pressure of the federal reserve and the U.S. government doing what they can to hedge inflation. Oil is well on its way to a downtrend the Sp oil and gas exploration index will follow suit. Rising wedge has broken likely next move is down.
Last Friday WTI crude NYMEX:CL1! dropped together with the broader equity markets and closed almost 7% lower at $107.99, slightly below the 50 days moving average. Earlier in the month the oil was still trying to break and stay above $120 however the hype cooled down quickly, partly due to the sharp 75 basis points rate hike by the Fed on Wednesday. This recent...
As shown with XLE, expect rollover to continue. Energy sector cooling off and will present amazing opportunity in the near future. Patience will be key. Will monitor and continue to publish updates as required.
OBV is bouncing on its avg on the daily graph Green zone on daily and weekly graph RSI above 50 OIl is bullish Seems like a safe base... what do you think?
Contrarian trade with everyone screaming to buy Oil Energy and Gas right now. Chart looks bearish to me and smells like distribution. Natural Gas ripped yesterday and I took EQT profits and added to XOP JUN puts. $136 first target
XOP to me needs to cool off after this monster up leg. Starting to smell like distribution with lower highs. A monster breakout is possible, but even being bullish I'd like a dip to $120 zone before the next up leg. Daily - seeing some bearish divergence on the RSI Weekly - top of channel rejection (so far) with Bearish MACD cross and momo turning...
XOP looks like it's rolling over, or at the very least consolidating and heading back to sub 130 after rejection from trendline resistance and 30MA . Whale trade short, bearish divergences on indicators. Price target sub $130
Cup waiting to form handle. With that said I would look for upside to this gas & oil etf until April/May then we should see a dip into the handle into the summer. So in my opinion gas & oil prices rise until the summer and drop until August if this pattern holds true. CHART LEGEND: white dashed lines = bull/bear takeovers blue lines = call targets yellow lines =...
... for a 1.27 debit. Comments: One of the only setups I didn't have to touch/adjust during all the January gyrations (i.e., no side was tested or approached worthless), but I had to wait on it longer than I would've liked. In for a 2.53 credit (See Post Below); out today at 50% max, 1.26 ($126) profit.
We have a clear example of a rising wedge on XOP Oil Exploration & Drilling ETF. There is a similar wedge also forming on VanEck Oil Services ETF. This suggests risk-off is coming to the oil markets soon. My suggested timeline for resolution is 14th Feb. So one week away. I strongly suggest that this may be part of a broader down move coming to oil and gas as...
I use sector ETFs in my IRA account. Currently, I hold XOP and XLF, and I wish I held XLE. I will try to buy XLP (Which shouldn't be a problem) next week. For Week 4, I'm expecting XLF to firm up and XOP to come in a bit. XLE would be kind to give me an entry point at prior resistance/ support, but we'll see. Oil looks darn strong at the moment. XLF...
3 Day Inside Bars LT 110.06 - First Price Target $110.06 ST 101.17 - First Price Target $99.88 Options flow is mixed to bearish. Mostly calls sold.
... for a 2.53 credit. Comments: High 30-day implied at 45.3%. 2.53 credit on buying power effect of 10.55 (on margin). 24.0% ROC at max; 12.0% ROC at 50% max. Will look to take profit at 50% max; manage sides on approaching worthless/side test.