Technical 'buying ' on 5 waves correction completed, with 62 DBThis looks too good to be true - or is it? Technical perfect with :
1. 5 waves correction
2. 62 % retraced from low to high this year
3. a double bottom with May low
So I got aggressive and sold a bull put spread for premium two weeks expires.
Sold 45 ( 4500 shares) contracts of American PUT stri
0.73 USD
345.79 M USD
5.05 B USD
About ORICA LIMITED
Sector
Industry
CEO
Sanjeev Gandhi
Website
Headquarters
Melbourne
Founded
1874
FIGI
BBG000K0KR31
Orica Ltd. engages in the provision of mining and infrastructure solutions. The firm is also involved in manufacturing and distribution of commercial explosives and blasting systems including technical services and solutions; mining and tunneling support systems to the mining and infrastructure markets; and various chemical products and services. It operates through the following segments: Australia, Pacific, and Asia (APA); North America; Latin America; Europe, Middle East, and Africa (EMEA); Digital Solutions; and Global Support. The company was founded in 1874 and is headquartered in Melbourne, Australia.
Neutral to bullish - bull put spread ( net credit)
Options trade - Bull Put Spread
technical - seems like a two legged correction in a weak bullish trend of equal amounts has indicated a pause in price ;
The at the money put at 16.50 is sold for credit for Aug 20th expirey;
The out of money put at 15.50 is bought for debit
net credit $1000
scena
Turtle soup new 20 day low- and ABC correction
There is a technical termination of C wave in textbook correction,
so to be neutral to bullish seems a better than 50% chance.
Using time-decay last 14 days of Bull Put spread;
short 16.00 Jul 15 strike / long 15.50 Jul - for net credit payment of +$639 for 2 weeks wait....
Just needs to expire
See all ideas
Summarizing what the indicators are suggesting.
Oscillators
Neutral
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Strong sellSellNeutralBuyStrong buy
Oscillators
Neutral
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Strong sellStrong buy
Strong sellSellNeutralBuyStrong buy
Summary
Neutral
SellBuy
Strong sellStrong buy
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Neutral
SellBuy
Strong sellStrong buy
Strong sellSellNeutralBuyStrong buy
Summary
Neutral
SellBuy
Strong sellStrong buy
Strong sellSellNeutralBuyStrong buy
Moving Averages
Neutral
SellBuy
Strong sellStrong buy
Strong sellSellNeutralBuyStrong buy
Moving Averages
Neutral
SellBuy
Strong sellStrong buy
Strong sellSellNeutralBuyStrong buy
Displays a symbol's price movements over previous years to identify recurring trends.