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.
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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*(2.5-2.06)+20]/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.
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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.
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Sneezing into the triangle:
Trade active
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Inverse HS at the uptrend support:
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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.
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Still holding, all the covered calls expired out of the money :). We could see a huge break out, let's see:
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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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Price keeps trying to break the 1.22 but it is rejected at any attempt. It might pull back to 0.90 support before trying again. Hard to tell where is going. Also will probably consolidate between those two levels for a while until has a clear direction. I'll give a few more weeks to plan my next move. Still holding.
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Apparently is forming a double bottom: I might add next week:
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Finally is doing something:
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I'm adding, it's pushing for a break out
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Yes!
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I'm closing my position at 1.6, hope it gets there. Took some time:
Your posts are a valuable resource for traders at all levels. Keep up the excellent work! 📉
mskeng777
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idk if its gonna go up, looks like a head and shoulders. already got 600 dollars in it, bought at 1.75
ArturoL
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@mskeng777, There is a strong support at 1.50. I may add if I see a hard rejection. Let's see how it does the upcoming week.
Maddy50
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@ArturoL, Hi sir.. wil RIGETTI go up from here or whats the downfall we see?
ArturoL
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@Maddy50, Hi, price still at the support level, the next strong support is at 1. I'm holding it because I sold a bunch of covered calls so I'm making same cash while price still under strike price. Covered calls are well paid on this stock, I recommend you to wire some. My plan is to hold it long term, every time the calls expire I write more and more an so on accumulating cash. Eventually it should go up but if it doesn't I don't mind because I already made a profit with the calls. If price just trade within an range for a while, even better.
Maddy50
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@ArturoL, Any new updated to RGTI? Will it touch 0.92 before it starts the rally upwards?
Maddy50
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@ArturoL Hi Sir, you mentioned in blue buy here, since too many values are there, i am bit confused.. are you pointing it around 2.00 ? or below 2 ( 1.7 area)
ArturoL
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@Maddy50, Hi, doesn't have to be precise, around the 2.2 and 1.6. Looks like is going to drop to lower support.