Then analyzing the options chain and the chart patterns of ADBE Adobe prior to the earnings report this week, I would consider purchasing the 560usd strike price Puts with an expiration date of 2024-3-15, for a premium of approximately $27.70. If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Trade closed: target reached
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ADBE traded at $485 after earnings, and the Puts went up from $27.70 (when I wrote this article) to $67.54 at the close on the expiration day (a lot higher intraday), for about 2.44X gain! Congrats to those who bought the puts!