Overall market expectation higher in the next 1-2 week that follows. 58 level resistances have been tested a number of times. If 53.90 holds on AMD I expect a test of 58 and break. If it breaks above probability to go parabolic. Stop loss below 53. 2 strategies. 1 options leg at 53.90 for 58 strike expiring this week and 1 month out long strike at 60. First one is for test of 58 and that will cover the cost of 60c. If 58 rejects you dont end up losing money whichever direction the price ends up. It also helps that I already have a short position on AMD that I would be taking profits at 53.90 and putting stop loss in profit slightly in profit around breakeven.
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