10 – 3/25 BP $28p
So BP is currently trading in an ~$3 channel and I've been steadily making money on it for the last couple weeks. I had expected it to go up with all the other oil stocks with the cost of oil, but it didn't. Instead it's been trading in a downward channel. So, I hold puts until it gets to the lower support, then buy calls until it passes the upper support. I've done 5 trades this way and made about $200-400 each trade. I could have made more on these, but I'm trying to be happy taking profits when they present themselves.
I think there will be a breakout soon, but I'm not sure when. Any other TA I should be considering? Advice appreciated. Thanks.
BP chart for reference.
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