DailyPlay – Partial Profits (CVX) – May 17, 2022

• CVX: 106.96% Gain: Sell to Close 4 Contracts Jun 3, 2022 $160/$170 Call Verticals @ $7.43 Credit.

With crude oil on verge of breaking out above long-term resistance at $114.83 (the 2011 reaction high that the monthly chart has not been close above since), our long CVX June 3rd $160/$170 call spread is now up over 100%, along with seeing the underlying’s price close ($173.01) above the higher “hedge” strike price. I will almost always remove half (or more) of a long call spread at that higher strike, and as such, today we will remove 4 of the 6 CVX options we are holding. Yesterday, the spread went out at $7.59 (mid-price) vs. our long entry at $3.59. 

DailyPlay Portfolio: By closing 4 of the 6 Contracts, we will be receiving $2,972.

CVX Daily Chart