CLV5 bias is
now neutral while between 45.30 and 42.85-42.50 zone. If above 45.30
before lower the first upside target that is on the radar is at 46.80
which is a -23.6% Fib target and DR1 as well. Once/if above 46.80 the
next upside target I will have an eye on is at 47.95-48.40 zone.
On Friday I did get a profit hedge on to my #USO
Long via Call options at the 44.70ish target via short-term Puts which I
will hold while/if remaining below 45.30. If above 45.30 I will
exit the hedge and then look to re-hedge at higher targets.
If below 42.50 I will definitely keep the
hedge on for a potential move to 42.30-41.80 zone where I will look to
start scaling out of the Puts/hedge followed by another scale at 41.20-40.90.
Ethan Premock
Futures & Options Strategist Hamzei Analytics, LLC