The rally has been too steep for mechanical entries, with opening bar gaps that make it difficult to get aboard even using alternative strategies. There should be little doubt that HUI will achieve the 176.65 target (see inset) by week’s end if not sooner. It would take a bit more than that, however — specifically, a thrust touching 177.73 — to put a 317.56 target on the weekly chart in play. At that point, p=224.34 would become our minimum upside objective. This suggests we’ll be able to calendar-spread distant strikes profitably, so stay tuned for guidance as things develop.
