On shown on the 15 minute chart with a VWAP band/line setup anchored to the July 1st
pivot high. BOIL is in a VWAP breakout since bottoming mid-day July 17th. Confirming
the reversal are the Price Volume Trend Oscillator printing a green histogram and an
upgoing signal line as well as the zero-lag MACD with upgoing parallel lines crossing
the zero-horizontal line. Price has crossed over the mean VWAP. On the dual time frame
RSI indicator both the lower and higher RS lines ( blue and black) are above the 50 level
and the lower time frame is higher highlighting bullish momentum.
I will take a long trade targeting based on the VWAP lines first $65 and then $68. I will open
equal amounts of call options striking the targets with expirations on July 28th. I seek a
100% ROI in the next 6-8 trading days. On an intraday basis, I may enter a low DTE call option
at the low of day ( typically mid-morning) and exit at the high of day the same or next day.
Trade active
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BOIL has had good price movement. Idea validated. Stop loss raised to beyond break-even making the trade risk free. Call option contracts now 42 % in unrealized profits. I will take a piece off tomorrow late morning as a standard profit taking and carry the majority for the weekend.
Trade active
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Price continues its upward trajectory. The heat wave in North America and Europe and so electrical demand in part supported by gas demand adds momentum to the move.