Rising wedge, but for now running into support
As we see some support is coming in from our longer term trend channel as well as the lower Bbands.
So far the last three weeks have provided with the expected sideways action once reaching 50.
Selling calls has been the right strategy so far (51, 52 and 53 calls).
At this support I am covering my short calls, but will hold of selling any put spreads to see how the FOMC decision plays out. I would not be surprised to see no rate hike and crude test some downside targets.
For now, neutral, but getting ready to sell some downside put spreads once we breach the support (if we do)
So far the last three weeks have provided with the expected sideways action once reaching 50.
Selling calls has been the right strategy so far (51, 52 and 53 calls).
At this support I am covering my short calls, but will hold of selling any put spreads to see how the FOMC decision plays out. I would not be surprised to see no rate hike and crude test some downside targets.
For now, neutral, but getting ready to sell some downside put spreads once we breach the support (if we do)
