QCOM Potential set ups
Updated
After a less than stellar earnings, which hit the $90 called for in my previous analysis of QCOM, Price action was too mixed at open for it to be good.
-Earnings couldn't change MACD, RSI is still overbought, and looking a lot like consolidation.
-Potential for either a rising wedge or an ascending channel. Both of which tend to break with gravity. I'm loading cheap puts right now. Looking for the $84 may 24th or further out to hit under $100 a contract. Already holding some for the 17th.
-Earnings couldn't change MACD, RSI is still overbought, and looking a lot like consolidation.
-Potential for either a rising wedge or an ascending channel. Both of which tend to break with gravity. I'm loading cheap puts right now. Looking for the $84 may 24th or further out to hit under $100 a contract. Already holding some for the 17th.
Note
Went ahead and sold out of my 17th's at 224% return. Since my avg on my 17th's and my 31st was 89 a contract, I did this to lock in profits as well as I've covered the risk on holding my 31 in case of any violent movement to the upside.
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