On daily chart, dead cross (50 sma crossing below 200 sma) is about to happen. Fib Level 0.618 - $332 (the rectangle area) is a huge resistance which has been tried 4 times in December. Also 200 and 50 smas is suppressing the bullish movement. Looking for a breakdown to $300 area in near future.
Disclaimer: This is not a trading advice. I am not a financial advisor. Only for fun and educational purposes. I won't accept any responsibility if my idea fails.
Agree on the resistance area, but I do not think it'll hit $300 soon. $312 looks like a strong support level and the price may move up to $337 first, but if it is rejected at $318 I can see it reaching $300.37
aaronrtan
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@christianmartin4746, I agree you may be right about it. It may come down to 318 first then up then $300 or lower. But either scenario is a perfect fit for a put option till 318.