DailyPlay – Taking Partial Profits (CL) – April 6th, 2022

Taking Partial Profits

• CL:80% Gain: Sell to close April 29 $74/$78 Call Vertical @ $2.52 Credit. Close half of this position. For example, if 10 contracts were opened for this trade, we recommend closing 5 contracts.

We bought this call spread just 11 days ago, and in that time we have seen the stock move 7/8 of the way toward reaching its higher strike price, making us about 80% on our initial investment. Yesterday marked a daily Setup +9 count against its Fibonacci 38% retracement back up to the high. In this very unclear market environment, that’s more than enough reason for me to take off half of this trade.