CMG is another good candidate for a spread play going into earnings tomorrow. At the moment, it is hitting mid-term resistance around $852 - 857, with potential wiggle room to the upside going north of $900. The downside potential; however, is far greater ranging from $807 to $779. Will reassess this tomorrow depending on the IV and Theta for a spread play.NOTE: In this type of setup, i would normally be long given the ascending triangle and the bullish trend - but i wouldn't jump to conclusions too fast too soon, esp. during earnings.
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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.