NVDA - weekly 260 or 4/17 250 PUTS - stop loss over 270-271
On this daily chart you can see that price has come up to a resistance area between 272-278. 20 SMA is below Ichimoku cloud. Most importantly I am looking at the relationship between RSI (yellow oval) and stochastic.
Stochastic has come up very high while RSI has not gotten over 56. This indicates that closing prices were moving higher rapidly, in line with the steep upward sloping 10 SMA, yet there was less strength in the buying, indicated by weaker RSI.
I am trading on 30 min chart. I have an old support/resistance line at around 252. If stock moves higher you can exit and reenter puts later. Otherwise this should be a nice low risk high reward trade.
Stochastic has come up very high while RSI has not gotten over 56. This indicates that closing prices were moving higher rapidly, in line with the steep upward sloping 10 SMA, yet there was less strength in the buying, indicated by weaker RSI.
I am trading on 30 min chart. I have an old support/resistance line at around 252. If stock moves higher you can exit and reenter puts later. Otherwise this should be a nice low risk high reward trade.
Comment:
Day trade complete. Almost 100% return on weekly 160 puts. Watch 15min and hourly charts - price may bounce up here, from the 20 SMA, and 20 SMA has come out of cloud. Look for put entries if stock bounces up.
