A Measured Move could take CVX to the Century Mark 100
the Extreme Turn Buy signal comes in at a key support zone. CVX showed an impulse move from %83 to $95.50. The initial Ext Turn buy produced a nice winner and now we're back at the key
level as the markets trade to new highs. Could pull in to till the $85-86 Gap then go. Looking for 4% move to High to High trendline then 13% to $100 on a 1 to 1 move from the impulse leg.
Options Trade: CVX option would be JAN 85/100 Bull Call Spread for $5 or better.
level as the markets trade to new highs. Could pull in to till the $85-86 Gap then go. Looking for 4% move to High to High trendline then 13% to $100 on a 1 to 1 move from the impulse leg.
Options Trade: CVX option would be JAN 85/100 Bull Call Spread for $5 or better.
Comment:
Target 1 hit as CVX moves to $92 a share and the Bull Call Spread could have covered for a small win. Stops on the 2nd half can now trail to 87.50 level looking for another $8 move to the $100 target.