0LSZ trade ideas
Consolidation before another move to the topside? $WBATechnically Speaking
For me, the 76 level seems fairly important. As noted on the chart, earnings come out on Thursday, so I would be very careful with this stock. If the 76 level goes the 200 WMA is the next spot I would look for demand followed by the 60 level.
Fundamentals
Walgreens supports a div yield of 1.92%. Link: www.google.com
For div history check out: www.nasdaq.com
WBALooking for a break above the shorter term trend line with an initial target of the 1.272 extension and a second target of the longer term trend line.
WBA EARNINGS PLAYSWBA announces earnings tomorrow before market open, so look to put on a play before today's NY close.
Here are the metrics for defined/undefined risk setups:
WBA July 15th 76.5/90 short strangle
POP%: 76%
Max Profit: $106/contract
Max Loss/Buying Power Effect: Undefined/$1031/contract
WBA July 15th 74/78/89/93 iron condor
POP%: 67%
Max Profit: $104/contract
Max Loss/Buying Power Effect: $296/contract
Notes: Shoot to take these off at 50% max profit and move on. For the short strangle, the buying power effect metric is quite "ugly." For the iron condor, I had to bring the wings in to squeeze $100+ out of the setup, which lowers the probability of profit (POP) of the setup heftily. There are always trade offs between max profit potential, buying power effect (defined vs. undefined), and probability of profit ... . To gain with one metric, you inevitably give up ground on another ... .
$WBA forms a bear flagBig Picture:
Market is hovering around major resistance and curling down. Index for biotechnology is lagging.
The company posted an earnings and reaction of investors was negative. No, it is building nive bear flag and with today's close it was resolved.
Trade Management:
Entry near $80.70 with respective stop at $82.20 make this trade very attractive from risk/reward point of view.
WBA BEAR FLAGWBA in a bear Flag pattern. The flag pattern is perhaps the most favorite For most technical analysis traders. Watch that 78 level, which would be the measured move. Wait for confirmation.
What I see: mirrored pattern continued higherat resistance into earnings, long stock with a wekly 87/80 PS, July 90 collar
(LIVE TEST) - STEVE PRIMO #4 SETUPS (Day 6)MU and WBA are tickers i would focus more from here. If you ask me.
