Friday, August 28, 2015

Thoughts and #CL_F Levels for Friday, August 28, 2015

Thoughts and #CL_F Levels for Friday, August 28, 2015SocialTwist Tell-a-Friend

Yesterday I tweeted (@mocktrade) that I started a new longer-term swing #USO Long position via Call options and I would add to the position if CLV5 continued trending lower to 36s/35s. I also mentioned I would be more on the bullish side if CLV5 first moved above 41.00 which was the case yesterday.

41.00 is now first support but in order to remain bullish CLV5 must now get and hold above last week’s value area (VA) +43.30 which was basically yesterday’s high. If so I will then have an eye on 44.40-44.70 zone to hedge my current #USO profit with shorter-term #USO Puts. Ideally I would like to go into the weekend with this hedge.

If CLV5 does breach below 41.00 today and then if also breaching below 40.60-40.40 zone my thinking will then go back to adding to the #USO Calls at 36s/35s especially once/if below 39.60-39.30 zone. 

Ethan Premock
Futures & Options Strategist
Hamzei Analytics, LLC

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