T Entering reversal zone
Updated
AT&T is entering its reversal zone and is gearing up for a good long play.
Symbol: T
Position: LONG via May 19 41 CALL options
- April 17 41 too close for comfort and April 17 40.5 does not have enough open interest
Justification: Bull reversal zone
Strategy:
Symbol: T
Position: LONG via May 19 41 CALL options
- April 17 41 too close for comfort and April 17 40.5 does not have enough open interest
Justification: Bull reversal zone
Strategy:
- Wait for candlestick indicators of reversal (hammers, engulfment, etc) that are supported with chart indicators (RSI movement, cloud break on 15 minute chart, etc).
- 15 minute chart also showing a clear wedge formation, so a break of this wedge would also serve as further confirmation.
- Enter long upon confirmation of these signals.
Trade active
Filled to open May 17 41.00 Call yesterday before close to take advantage of any potential gap. Risky, but based on price action in previous sessions I expected a gap up.
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