Buy PUTS - Daily under 50ma, weekly target close to 155

I have to post this fast due to market drop right now. BTC is crashing also. FB still has to touch weekly support - will show chart laster. 30min price back below 200sma and it failed at 204-205 resistance. going back to 185, there is still gap to fill lower also.

Comment:

also note RSI turned down sharply below 50 and stochastic %K will head down to 20

Comment:

Yesterday the sharp drops everywhere ~2pm EST were due to Fed. Chair Powell's comments. The rubber band rebound (seen best on 5min) was sharp but I held onto puts because my outlook was still for more downside. On this weekly chart, the thin yellow line connects closing prices while the red line is support based on lows. Price can drop into the 148-165 range. Look for RSI to move lower and price to first close back below yellow line. There may be multiple day and short swing trade opportunities here if you keep watch on the chart.

Trade closed: target reached:

Sold all weekly 198 puts with price near 195. Price came down to yellow line on weekly chart and with opex this Friday and possible bounce I took profits. Price could move lower if SPY/QQQ go down into gap but I trade part-time so have to plan accordingly.

Comment:

Price went lower alright! Cannot post a new chart right now so if you read this, consider swing calls if FB gets/holds over 195.50-196. Buy 3Jun or 17Jun expiry for a 1-2 week rally.