Here is an update on the OXY chart after oil had its pivot in April. Oxy was my best trade of the year dollar amount wise and I am 6/6 the last 1.5 years on these longer dated call strategies. I like to trade wedges or bull flags on value stocks and or GLD and similar ETFs. This wedge breakout like many I have posted before is my most favored setup, I am currently doing this with CLSK.
1. You layer into a long on a demand zone as the contraction nears its end.
2. You enter on a bottoming stochastic RSI, here I added to the position after the initial bump
3. A new entry zone is noted on a potential breakout on crude oil futures
4. The stock bounced on the 100 EMA, I plan to layer in next week
5. My preferred entry is 4-6 months out likely a 65-70$ strike on calls
1. You layer into a long on a demand zone as the contraction nears its end.
2. You enter on a bottoming stochastic RSI, here I added to the position after the initial bump
3. A new entry zone is noted on a potential breakout on crude oil futures
4. The stock bounced on the 100 EMA, I plan to layer in next week
5. My preferred entry is 4-6 months out likely a 65-70$ strike on calls
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.