0LJ9 trade ideas
Short PutVolatility in $X is still up yet from earnings.
Sept 15 $23 puts @ .64. 2.78% ROC in 51 days, possibly sooner if we get some drawn out quickly.
$XBreakout to a high of $24.10 Thursday, Friday great short back to $23.20 (i sold off 50% position at $23.97 - should have sold and shorted) Let's see what happens Monday. I think momentum takes us to $24 shortly before earnings. $23.20 has to hold early next week or we're back to $22.50 or lower. Lot's of upside, good short term support but be careful of earnings. Could blast off to $28+
Short term bullish XNice bounce from resistance today. I see riding to test resistance. If breakout past $24 roll to $28.
X Reaching Bottom of ChannelBasically X is in a bullish channel, confirmed by the retest on 6/15/17 as support. On 7/6/17 X closed below the channels midpoint, which should have warned investors of a possible lower day on 7/7/17, which did happen. The weekly MACD is still at the crossroads and bearish volume seems to be waning, with bearish volume the being the lowest since 12/26/17 (weekly).
May reach the top of the channel again around 7/21/17 with a $23.8x price target, which equals a 14% potential gain as of the time of this writing.
X tested necklineX has tested the neckline as I wrote last night. I'm in at 22.60. Using $22 as a stop loss. Looking to see if it rallies off today's lows.
X to test necklineX made a double bottom with a test of the neckline soon. Confluence of neckline and MA meeting could be a long setup. If neckline fails, a good short setup.
Lucy pulled football again.Don't give up Charlie Brown. 28 easy after 24 breaks. Whipsaw headfake on 50day MA crossing.
X- Big Huge Cup/Handle PatternOn weekly X stock, believe that big huge cup and handle pattern is about completed. Will be looking at buying shares and/or selling covered calls soon. PA is at a key reversal area or support on fib. retracment of .618 (holding for last 5 to 6 weeks). How to trade, on breakout of handle with bullish price reversal candlestick pattern (HARAMI, ENGULFING AND/OR PINBAR), support area of $20.00 (which is right now). Remember basic materials, will be stable at this time.
