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ArturoL
Jan 3, 2024 3:24 PM

Double top - Puts Short

NYSE:GPS1D
Gap, Inc. (The)NYSE

Description

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I bought a bunch of puts on this one. Market still on correction. Double top confirmed, testing the broken support and failing.

Comment

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Ended the week with a hanging man candle in the weekly timeframe. Still looking bearish. Holding my puts:

Trend AnalysisSupport and ResistanceDouble Top or BottomputsDouble Toptesting
Comments
Poodle
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This was a great call. I grabbed an handful too, but I wish I would have bough Feb expiry….
ArturoL
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@Poodle, I'm glad you made money. We may see a bounce.
Poodle
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@ArturoL, well there it was, the bounce. I see a bear flag on the 4hour and ichi cloud is bearish. Do you think it’ll come down next week?
Poodle
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@Poodle, I might scoop up some more for a Feb 16 expiry
ArturoL
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@Poodle, At the moment the price is sitting on a support zone, It has to break it down first. And there is also a pivot point at 17.35. We are in a bullish market, there are very interesting long opportunities:

Poodle
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@ArturoL, thank you
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