XOP to validate support and cross the previous resistance
Once XOP Proves support and passes previous resistance worth a 2-3wk call to $20.50-$21. Else XOP will retest support and if the bottom falls see the next support isn't until $18.50 - $18 range. Personal thoughts, is XOP will finally have a couple green days and see XOP test resistance at $20.50-$20.75, however won't be touching until proven pass of previous resistance.
Note
**Personal opinion not to be taken as direction to purchase**XOP has continued to follow trend closely and finally broke through previous resistance. Given this, and the news about OPEC meeting, I have calls with strike at $20.50 and expire 2/28. Until meeting notes with OPEC is released, I'm not playing this for longer calls as UK recently announced they'll be moving up their timeline for banning new gasoline vehicles to 2035 and cornavirus is still spreading. Until calls are sold, I'll catch you on the other side!
Note
**Personal Gain**Should've updated earlier. Gained some on the options but sold when XOP struck $20.01 the second time and was rejected. Small gains but hind sight 20/20, I'm certainly glad I did.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.