$KO Triangle BreakoutI was trading yesterday and thankfully someone asked me about $KO. Although I was dismissive initially as $KO has a small variance, I quickly changed views after I looked at the chart.
$KO is making yet another try to push through the $50 level -it's tried twice before, perhaps third time is the charm. This is one of those setups that seems too obvious to me. Perfectly pushing $50 breakout line, entire market is breaking out - I've made this comment before but sometimes things that seem too good to be true are a trap, and other times they were simply that good. Daily squeeze is turning up and looking for white dots to release into full daily squeeze. The thing that makes me hesitant here is that the pattern may have more time to complete.
Let's see how this plays out. First target $53.50, second target $55.
Trade: BTO $KO 9/4 $50c avg $.50
A little note on the trade. I am taking short term calls due to the degree of exuberance in this market currently. I see this trade as a high potential reward if we get this breakout and am happy to play short term calls and limit my capital at risk than play it long term here.
