Breakouts in oil have been very rare over the past year. To that end, I scaled back my bullishness (delta) going into Thursday's NYMEX open by rolling up to 57 calls. Since then, we've seen momentum consolidate, RSI oversold get worked off, and major support levels hold. Boy, does that daily chart look bullish!
At the moment, 53.80 is sitting as arbiter for the next leg's directionality. I'm planning to add exposure (delta) via 57 calls on a bounce off of 54. In the immediate term, I'm targeting 55, but the real money will be made via capitulation on a breakout above 55, which I see screaming much higher!