This idea is a follow-on from the previous, pre-earnings options strategy
We assume a long position at $122 (for those who got exercised on the put sale)
This is -3.3% away from the 118 support (channel bottom and MA200) and -1% away from the last close
Play the up-channel rebound with a target at 133.50 (previous high) and a stop loss at 117.00
We assume a long position at $122 (for those who got exercised on the put sale)
This is -3.3% away from the 118 support (channel bottom and MA200) and -1% away from the last close
Play the up-channel rebound with a target at 133.50 (previous high) and a stop loss at 117.00
Trade closed: stop reached:
Traded briefly at the stop, assuming trade closed. The stock is still within the up-channel so let's see if this support breach was temporary or a signal of worse days to come for the FB stock.
