ZIONS bank cresting the top of a ascending wedge.Things aren't looking good for the banks, and ZION (Zion's Bank) missed on its recent earnings expectations. It's now nearing the top of an ascending wedge, and as many traders know, this can be a really bad sign for any stock, and could be indicating a coming trend reversal.
Watch the levels on the chart with the dashed white trend lines to help predict future moves. If the lower ascending wedge line is broken, and one full candle closes below it, it may be the sign the the shorts have been looking/waiting for to enter a medium term short position.
I do not own this stock, nor am I trading any options, or by any other method, this is just simply me taking a look at the charts, and I noticed this pattern.
Happy trading, and always use a stop.
Zionstock
ZION Zions Bancorporation Options Ahead of EarningsAnalyzing the options chain of ZION Zions Bancorporation prior to the earnings report this week, I would consider purchasing
Puts with a HKEX:25 strike price and an expiration date of 2024-1-19, for a premium of approximately $4.50.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
I am interested to hear your thoughts on this strategy.