West Texas and Brent Crude Oil are higher again this morning, advancing above Thursday reversal highs, amid hopes that the major oil producers will agree on a hefty supply cut.
U.S. crude futures are trading 10.39% higher at $28.09 a barrel, while the Brent contract is up over 15% to $34.45. Both futures contracts gained over 20% in Thursday trading.
Look for a flag or topping candles for signals. If the latter, we’ll consider selling some of our position.
We have options in APRIL 4.50C and May 5.00C that we will sell into strength this morning. We might consider rolling some of the April calls out to May as well. We’ll buy back or add on dips.
S&P500 futures are also off the worst levels.
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Happy Trading,
Vinny
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