VLO establishing uptrend from breakout of bull flag pattern
VLO has broken the downtrend of the bull flag with an uptrend which held Friday (left pane). Furthermore, XLE (energy sector) is breaking out of a descending triangle on the monthly (upper right pane). Overall looking good for long positions. My stoploss is 97.27.
A downtrend on the weekly has however been established, so I will be taking some profit when it approaches the downward trendline (lower right pane).
Disclaimer: I currently have the following positions: VLO JAN 03 96.5 calls (main position), QQQ DEC 31 puts (hedge) and NFLX DEC 27 puts (hedge)
A downtrend on the weekly has however been established, so I will be taking some profit when it approaches the downward trendline (lower right pane).
Disclaimer: I currently have the following positions: VLO JAN 03 96.5 calls (main position), QQQ DEC 31 puts (hedge) and NFLX DEC 27 puts (hedge)