TopOptionAlert
$OXY NOV20 65C · still actionable
Zone: $62.30 to $63.15
Invalidation: close under $60.25
Objectives: $66.50, then $70
The math: up 6.0% to the first objective and 11.6% to the second, against 3.9% risk on the invalidation, near 3 to 1 to the second.
Think of this as a swing where the stock did the quiet work first. It sat in a base near sixty dollars for weeks while oil stayed firm, and now it is pressing above that base into its November 9 earnings report, which means buyers are willing to step in before the news rather than wait and chase it. What that means for you is simple. The level that held on the pullbacks is clear underneath, and the old highs near sixty seven dollars and then seventy dollars are the room it has to travel if the earnings story holds up.
P.S. Watch the November 9 earnings date. A strong report there is what could turn a move to the first objective into a run at the second.
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