Rounding bottom

ArturoL Updated   
NASDAQ:RGTI   Rigetti Computing, Inc.
Rounding bottom formation since September 2022. Is testing the broken resistance, if it breaks down to the next support I would buy more. Is a highly volatile stock, set your risk reward accordingly.
Just so you know, this stock high covered calls:

Example, selling 1 covered call exp 09/15, strike 2.5
Call cost: 0.2*100 = 20
Current stock cost: 2.06

% = (20/2.06)*100 = 9.7%
You make 9.7% buy selling covered calls and holding the stock until expiration on 09/15, less than a month.
If the stock is assigned:
= /100*2.06 = 31% total in less than a month

If you buy 100 stocks at current price, write a covered call you get 31% of $206 ($64) if the stock is assigned.

I just sold a lot covered calls marked up below, I got good cash of them. If the stock is assigned at 2.5 is a good profit anyway. If the stock for some reason triggers my SL, before it does I'd buy back the covered calls to close cheaper than I sold them, so the loss wouldn't be that bad.

Sneezing into the triangle:

Trade active:
Inverse HS at the uptrend support:

No big fan of MA but the 50 MA in the weekly has worked as a support and resistance in the past. Still holding this and cashing covered calls. When they expire I'll write more.

Still holding, all the covered calls expired out of the money :). We could see a huge break out, let's see:

Still holding this. Price is sitting on the psychological 1 level. Tomorrow they release earnings of the last Q. Let's see how the market reacts.


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