Long

OXY: potential rally away from here soon

Updated

I'm buying dips in this stock, awaiting a rally after the OPEC meeting this week. A good cue is if we don't hit 66.92 within the next 3 days, so, keep your eyes open to start accumulating positions, and perhaps taking some profits if you're already long and get a sharp rally to the top of the range once more.
If that fails, we might see the stock fall lower, but we can't know in advance

Good luck,

Ivan Labrie

Comment

I completed my position with an average price of 68.39.
Pre-market, now at 69.53.
My biggest entry is at 67.51.

Comment

Ok, good progress. We are above resistance and triggered a strong uptrend signal in the daily here. We can expect to hit 75-80 easily.

Trade active

Shorted at the money calls for 1 month (72.5 strike, Jan 20 2017).

Comment

My avg entry gives me enough wiggle room to be able to wait the pullback out. The call options' 1.87 premium gives me an extra profit cushion too.

Comment

Covered my short call and added to longs at 70.87.

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Trade closed manually

Closed at 71.20 for a hefty gain. I'll look to reenter when viable.

Trade active

Buying back here
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Comment

I closed at the open today, looking to rebuy it soon. Maybe tomorrow, but not sure yet.

Comment

I'm rebuying if we get good confirmation, but it should be rather easy if oil holds support and fundamentals boost it further. If it remains sideways, this one will stall or even fall.

IvanLabrie

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