Opened VALE bull position

I've opened a February bull put spread on VALE, with the 30 strikes as the long leg and the 32s as the short (p30/-p32), for 0.89 credit with the underlying at 32.19.

The stock clearly broke out of a three-month-long sideways pattern that was a pause in an uptrend that began nearly a year ago. The next real resistance is around 37, so there's around 15% worth of potential on this one.

Support is at 30, where I'll set a stop loss that's 4% below my entry level.

At expiration, the position will be profitable if the stock is above 31.32, and it hits max profit at 32.

All of the indicators I follow are aligned in bull mode on this stock.

Topic: Vale, Brazil, mining