Weekly Support - 3/20 120 CALL - low risk
Chart shows weekly trendline support from 2016 drop and 2019 drop. Solid yellow line connects closing price, while dashed yellow line connects lows. Prices are about 207.50 and 205, respectively.
You can easily set stop losses to scale out of position, otherwise this will be a nice trade if buyers step in and market bounces upward next week. Also on stochastic, %K has stretched far from %D, which indicates there might be a move up.
*** Option value may decline if IV drops and price does not move up enough. I suggest only a small amount of capital into this trade.
You can easily set stop losses to scale out of position, otherwise this will be a nice trade if buyers step in and market bounces upward next week. Also on stochastic, %K has stretched far from %D, which indicates there might be a move up.
*** Option value may decline if IV drops and price does not move up enough. I suggest only a small amount of capital into this trade.
Note
As much as I like this trade I will keep a small position, and only if I get my buy price, because IV is too elevated.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.