Enter when there is a reversal patter in this zone - typically seen on 1 or 5 min chart (typically double or triple bottoms or 2 higher lows indicating support is respected).
Price may go into the zone pre-market.
This is a multiframe opportunity, IMAX is in a monthly support with nice monthly, weekly and daily candles. Let's see if we have a confirmation and remember to take in mind the close of the monthly candle.
IMAX seems running within an upward channel, also forming a possible bear flag formation. On the other side we have the earnings coming in 2 days. So we would like to take advantage with option, and we would consider $31 March-17 Puts, last traded for $1.25
* Trade Criteria *
Date First Found- February 19, 2017
Pattern/Why- Upward channel, Possible bear flag,...
Trade Logic: Inverted flag & pole
Technically very weak as crossed down recent support & money-flow is shooting down
Entry Price: 29.43
Target Price: 27.13
You can check our detailed analysis on IMAX in the trading room link here-
Trade Suggestion Date: 21/6/2016
Trading Room - Executive summery link: www.youtube.com
. Early in today’s trading session a trader bought 1,215 IMAX Feb 27 calls for $0.90 and sold 1,215 IMAX Mar 23 puts for $0.20. Volume on the Feb 27 call line has now reached 3,200 contracts and will add to open interest of 1,711 on that line. This also adds to the persistent call buying we have seen over the past week. Although the chart of IMAX is relatively...
Bullish Chart now Flagging a bit over resistance. Now needs volume breakout over 26.86. $DIS partnership to co-produce movie. 8 theater Indonesia deal. Excellent relative strength. Other entertainment stocks doing well also. Targeting 29-32 area.