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This is taking a bit of a risk on the oil sector. However due to the breakout of RIG and the fact they have fallen so much I purchased the Jan 18 Leaps for a few dollars. you can see the Break Even lines. This is a potential runner, but being that the sector has been in a bear it is a speculation play...I will keep an eye on it. If however it starts to break down will look to exit the trade. I purchased enough time to be more like a stock surrogate
why do you think that breakout is right there now? The same (opposite) was on 26/08/2015 (sell) or 15/09/2015 (buy) :-)
Vince lukas.gargulak
Boy it is a dog, these energy stocks have lead in their boots...I think we will see 2016 much better for oils...just slow :) still watching these
and what do u think now, Vince?
Vince lukas.gargulak
I am not keen on it as it has not developed, the energy space will go higher yet with demand dropping it may be a while, moving on :)
Simply reading the candles would indicate a reversal is coming. We have a doji and bearish kicker. An angled trendline as resistance (4 touches including today) shows the breakout as confirmation of resistance as the high hits resistance and rejects higher prices. Some could make arguments for head and shoulders but it would be forced.

I agree with you however that if it breaks this angled resistance line, we could be in for a nice breakout trend. I'd like to see the industry move higher and the S&P 500 show a williamR (3) buy sign too though before I buy back in.

Since I work for Transocean, I'd love for you to be right.
time heals most things....or gives them a chance to heal
That was a JAN 17 call at the 18 strike there are over 63,000 contracts open which is high interest
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