First Green Day
RIOT had a nice set-up pre-market with another strong rising wedge pattern that has been a notable chart pattern for the largest movers this week. Key elements: 52-week breakout gapping to new all-time highs, pre-market breakout gap-up at open, first green-day, and my favorite pattern that I call Post-Pennant Expansion. The chart seems to 'expand' after breaking through a wedge/pennant apex. The price action is bound within the diverging support and resistance lines of the wedge/pennant post apex. Acceleration can be high during these moments and is perfect for weekly gamma plays. 45c 2/12 entered at 169 exited too early at 183 for 8% gain. Trading wasn't as organized as I hoped for, but the contract had a morning high of 280 so I left 57% on the table. 8% is still a win.
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