British Petroleum has formed a double bottom at $36.60 just as doubt and uncertainty was looming yesterday with the OPEC conference delayed finish. The chart showed bullish divergence on the 2nd drop yesterday and I loaded up on Apr 39 calls under .80. I will be holding these calls rather than holding the stock in this uptrend. Good news and big bullish call volume over the past week in the space are all confirmation for me that some better days are ahead for BP and XLE. These calls can easily run up above $2.00 a contract.
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Time scale should be disregarded.
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BP had a great day today, best day since this post. I noticed that XOP and XLE were consolidating at a low while BP was at its high, so I trimmed a large chunk of my bag of calls in the 1.20’s and traded them for February 21 XLE (61.21) and XOP (25) calls. I will probably re add more of the BP April calls at lower prices if the trade presents itself in the coming weeks.
