I'm with you, holding 200 puts for Friday. I'm worried about the 223.25 support line (goes back to January 29 high close on hourly chart). Could see this one going either way though. Should be an interesting week for sure
dahbaoui
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@kyleconfer8, I think that the trend is in a descending direction, because, as I indicated in the chart, a breach of the strong support line and make up a rupture point on support line that was not breached in May, and as you notice, resistance lines formed descendingly, the trend forces did not break it. after rupture the strong support line
kyleconfer8
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@dahbaoui, I think/hope you’re right about that. I had the same analysis as you when I bought in to the trade. Still feel that way enough to hold position, but not quite enough to feel confident
kyleconfer8
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@dahbaoui, looks like we were wrong here. Fb and twtr both smashed their downtrend resistance lines
dahbaoui
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@kyleconfer8, Yes, there is a breakthrough, but there is no confirmation yet of a trend correction because of the volume that breakthrough the resistance is not large. We may wait for a larger volume to confirm.
On the whole, the straight resistance will clarify the matter further