Quanex Building Products Announces First Quarter 2021 Results anNX: Quanex Building Products Corporation
2021-03-04 16:15:00
Quanex Building Products Announces First Quarter 2021 Results and Increases Full Year 2021 Guidance
4Q2 trade ideas
Building Products with Housing BoomWith the housing boom going currently in the US, you would expect housing supplies and construction to do well.
Quanex is showing good momentum, and sitting on 21.66 which is the long term support line for many many years (just scroll back chart), it bounced up nicely on 21.66 recently and now seems to be consolidating under $25.
It should explode from here maybe long term potential target 31.50.
it is now sitting on 50% level retracement which is a very very positive sign for upward stock
Earning on March 8 which is incidentally 30 degrees from Feb 8, a turning point (Gann said 30 degrees is very important).
the stock reacted positively for the last few earnings, so maybe we will see a upward thrust priot to March 8.
Buy Call expiry March 19 maybe a good idea
NX - Write Covered Call TimeThe covered call involves writing a call option contract while holding an equivalent number of shares of the underlying stock. It is also commonly referred to as a "buy-write" if the stock and options are purchased at the same time. NOTE: When any trade is on, just manange it. Risk & Reward 1:4, like it.
I own stock involved and belive that bullish is only way per history of this stock.
Symbol: NX
Current Price: $16.80
Purchase Price: $16.80
Num. Shares: #100
Total Cost: $1,680
Option:
WRITE
Option: 21 Sep $20.00 Call
Price per option: $ 0.80
Contracts: #1 x 100
Total Cost: $80
Estimated Returns - NX at $16.80 on 3rd June 2018
Entry cost: $80 (credit)
Maximum risk: $1600 at a price of $0.03 at expiry
Maximum return: $400 at a price of $20 at expiry
Breakevens at expirty: $16.00
