I am really curious for feedback on this one. It has been overbought on the daily for almost a month. It has it's dips, but then it rebounds higher. I keep thinking we will see a 10% pullback and it just hasn't happened yet. I also just detected a bearish divergence on the RSI divergence indicator. And, it could be as stretch, but it seems like volume has been on a steady decline too which CAN indicate a trend reversal...
I'm no expert. My guess is sideways until the RSI cools off, then up. Could break either way though.
I'd be interested to hear other thoughts. Don't take my word for it.
BrianClow
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Turned out sorta how I thought. I would not be surprised if this continues below $100 (might kick myself if it does). I closed the $101 strike puts for a profit of 21% and the $102 strike for a profit of 19%.
I might have been able to get higher returns, but I have a strategy that has been working so I don't want to be greedy.
Happy Trading!
gooney0
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@BrianClow, glad it worked out. From here it could bounce, or really drop.
I guess we’ll see tomorrow.
I sold it at $68 and felt dumb for weeks!
FLIPPIN_TIGERKING
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aint no short term bearish signal...its looking strong!
BrianClow
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@FLIPPIN_TIGERKING, what's funny is that I was seeing turned out to be correct. The stock dropped 6% from the day I posted to a low of $99.51 on July 19th.
it's easy to look at the chart on July 23 and say it's bullish lol
BirchCharles
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The company is going to continue to grow in its current service market space, zscaler/Palo/cloudflare will emerage as the top 3 and continue to be strong. I don't see it going down other than a total market adjustment or if comes too close to it's expected earnings. $120-130 by Christmas.
FLIPPIN_TIGERKING
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I've been waiting for pullbacks too...but this motha flucker just keeps poppin!
I'd be interested to hear other thoughts. Don't take my word for it.