This stock sold off too much the past couple of days and was looking for a bounce today. This was probably the only oil stock today with good relative strength I was slightly early on this trade as it drove up initially and I pulled the first pullback. It wasn’t quite pulled back to the 20MA and kept pulling back and I got stopped out. I got back in basically straight away with less size and it ended up working for a massive trade. The stock went through some great patterns with a cup and handle into a channel then it ripped. There were a few small pullbacks where I could of added. My psychology wasn’t great today as I have been losing for the past 2 weeks ! . The stock then ripped and pulled back with new volatility. It then got really tight and I was up $200. I decided to risk $100 on this add and it worked. It ripped and I sold half of my shares. It then pulled back again and tested HOD. I just hit the bid and got out as I knew it was probably then end of the move as it was a massive move today according to the daily chart. The US oil futures were fairly weak.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2022-03-09 09:43:00 | OXY | buy | $53.200 | long |
2022-03-09 09:47:00 | OXY | sell | $52.850 | 0 |
2022-03-09 09:52:00 | OXY | buy | $53.290 | long |
2022-03-09 12:01:00 | OXY | buy | $57.690 | long |
2022-03-09 12:01:00 | OXY | sell | $57.920 | long |
2022-03-09 12:22:00 | OXY | sell | $58.050 | 0 |
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