Nice Shorts setting up on OZK
Taking a look at OZK on the Daily chart, OZK closed just below pretty much all the support indicators. With that said have a look below there is a massive gap between 29.78 (S1) and 27.80 (S2). Then if that doesn't hold we have a shot at 25.64. To our advantage is ELF (the banking sector shown in orange) which is continuing to fall. So what's the play? IMO look for the 26EMA (blue) to cross above the 12 EMA (red) and a close eye on the sector (orange). We should expect that as the sector continues to fall, OZK will fall with it. I'm looking for a break below 29.70 and jump on a starter position for some Puts 25.00 strike and 4/18 expiry (which can take us through earings on April 14th. 30.15 would be my stop with a R/R 4.22. I f the trade comes then I would look at 27.80 and evaluate to see of there is a shot at continuation then next target would be 26.74.
Full Disclosure: At the time of this writing I do not have a position in OZK. This trade idea is for educational purposes only, I am not a financial advisor, do not follow me or anyone else for that matter blind into a trade. No one loves your money as much as you do, do your own due diligence and seek professional financial advice when necessary.
Full Disclosure: At the time of this writing I do not have a position in OZK. This trade idea is for educational purposes only, I am not a financial advisor, do not follow me or anyone else for that matter blind into a trade. No one loves your money as much as you do, do your own due diligence and seek professional financial advice when necessary.
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