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
Hamzei Analytics, LLC