Imax CorporationShort
IMAX - Upward channel Possible earnings play, $31 March Puts
Updated
IMAX seems running within an upward channel, also forming a possible bear flag formation. On the other side we have the earnings coming in 2 days. So we would like to take advantage with option, and we would consider $31 March-17 Puts, last traded for $1.25
* Trade Criteria *
Date First Found- February 19, 2017
Pattern/Why- Upward channel, Possible bear flag, Possible Earnings play
Entry Target Criteria- Current price
Exit Target Criteria- $29
Stop Loss Criteria- N/A
Please check back for Trade updates. (Note: Trade update is little delayed here.)
* Trade Criteria *
Date First Found- February 19, 2017
Pattern/Why- Upward channel, Possible bear flag, Possible Earnings play
Entry Target Criteria- Current price
Exit Target Criteria- $29
Stop Loss Criteria- N/A
Please check back for Trade updates. (Note: Trade update is little delayed here.)
Note
February 21st- Nice decline breaking the channel formation. Looking very good as short. $31 March puts traded as high as $1.45February 22nd- Declined further today, Looking very good as short. Need to be cautious, Earnings after market tomorrow.
February 23rd- Made a lower low but closed bullish. However in the aftermarket they reported earnings of 22 cents per share, that beat analyst estimate by 1 cents, but fall short from last years earnings by 17 cents. In reacting share price dropped 3% in after hours trading.
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