Modus777

$AVID Approaching important yearly resistance

Long
NASDAQ:AVID   Avid Technology, Inc
AVID continued it's trend higher today putting in a higher high in the last 52 weeks, fast approaching an important level put in years ago. The 1.618 fib level matches that level of resistance and should slow down once it reached that target, allowing indicators to cool off. The second important level above is 48. I would like to see those lower 30s hold in order to push higher and consolidate in this price range before melting up. Notice how the range inside the box before built up enough strength for a move higher. Ideally that is what I'd like to see, and I plan on buying any dips in the lower 30s.
Despite the recent sells by insiders, on 6/9 was the first time in a long time I've seen call flows in an aggressive ITM 20c position.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.