This is my thoughts as to what this year holds for BP Wave is hand drawn, not algo used.
Bullish on it.
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Today, BP hitting the MAJOR target / resistance at the 200 SMA on weekly. Expect a pause , pull back here. I've got the Oct covered call. Likely get called away for a profit and buy more on another dip.
I would highly suggest getting into the LEAPS on BP on the next drop in oil prices......With Trump bullish on US, and the USD rising, we might get one more chance to do so in BP.
I am a big believer in BP-Amoco and what it does globally. It is a beaten down stock. It offers great dividends. The Gas Stations are great and generate good margins besides gas.
Selling Puts is one way, but Buying LEAPS is better, or maybe buy the leaps by funding it with Put Sells. I have LEAPS expiring this month from a while ago, and have LEAPS for 2018 and have orders pending for 2019. So, I am COMPLETELY biased here, but have been making money doing Put Sells, Call Sells, Buying the Stock, Selling Covered Calls on it, and generating some profits. Of course, I am not playing with 100 contracts either, but worth playing with 5-20 contracts bought slowly over time.
The black cloud over these guys is the 20B lawsuit / costs for cleanup but that is pretty much a done deal. Lower profits could lead to dividend cuts, but that also seems like the storm is past. And, as a result of the higher oil prices, the stock is starting to move up steadily, and interest is growing along with rest of the oils.
Good luck, and good investing and trading......
Reallifetrading
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@kenny1924, Yep! We've been trading this one a lot lately; together. Pretty excited about it. =)
I am a big believer in BP-Amoco and what it does globally. It is a beaten down stock. It offers great dividends. The Gas Stations are great and generate good margins besides gas.
Selling Puts is one way, but Buying LEAPS is better, or maybe buy the leaps by funding it with Put Sells. I have LEAPS expiring this month from a while ago, and have LEAPS for 2018 and have orders pending for 2019. So, I am COMPLETELY biased here, but have been making money doing Put Sells, Call Sells, Buying the Stock, Selling Covered Calls on it, and generating some profits. Of course, I am not playing with 100 contracts either, but worth playing with 5-20 contracts bought slowly over time.
The black cloud over these guys is the 20B lawsuit / costs for cleanup but that is pretty much a done deal. Lower profits could lead to dividend cuts, but that also seems like the storm is past. And, as a result of the higher oil prices, the stock is starting to move up steadily, and interest is growing along with rest of the oils.
Good luck, and good investing and trading......