simonsays452
Long

Oil keeps looking bullish, begging for a breakout > 55

TVC:USOIL   WTI Crude Oil
56 0 2
Breakouts in oil             have been very rare over the past year. To that end, I scaled back my bullishness (delta) going into Thursday's NYMEX open by rolling up to 57 calls. Since then, we've seen momentum consolidate, RSI oversold get worked off, and major support levels hold. Boy, does that daily chart look bullish!
snapshot

At the moment, 53.80 is sitting as arbiter for the next leg's directionality. I'm planning to add exposure (delta) via 57 calls on a bounce off of 54. In the immediate term, I'm targeting 55, but the real money will be made via capitulation on a breakout above 55, which I see screaming much higher!
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