BGFV Bearish Descending Triangle
BGFV has had an incredible run for the past year. This is an amazing chart that has been going up consistently, and just recently skyrocketed. On their last earnings call they announced a special dividend of $1.00 per share. Like many other stocks, when this happens the stock overextends from the original bullish trend.
The key levels to watch seem to be both the $20 and $25 levels. These seem to have significance dating back on the monthly chart. If this pattern is to move downwards, those are the levels I will be watching. After seeing the bearish engulfing candle on the daily, along with the insider selling going on this month, I expect this to move lower.
My plan: 7/16 $20 Puts. These are low risk contracts that give me time at a cheap premium.
This is my first post, I hope this can be helpful to someone. Only time will tell. Good luck to you all!
The key levels to watch seem to be both the $20 and $25 levels. These seem to have significance dating back on the monthly chart. If this pattern is to move downwards, those are the levels I will be watching. After seeing the bearish engulfing candle on the daily, along with the insider selling going on this month, I expect this to move lower.
My plan: 7/16 $20 Puts. These are low risk contracts that give me time at a cheap premium.
This is my first post, I hope this can be helpful to someone. Only time will tell. Good luck to you all!
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