Asking 0.70 credit for Junwk4 690/687.5 cps with a targeted support of around 690
I would short via Jul 16 126/127 ccs for possible credit of $0.26/ share
I am asking for a 0.25/contract credit for Jul 138/139 call credit spread, based solely on technical. RSI, MACD ans STOCH. Yellen speech reaction can go either way. I will leave that to the economist.
Based on hourly chart and this morning's pullback, support is around 208 flat. Therefore a short strike of spy Jun16 205.5p for a put credit spread with 14 days to expiration is feasible for a trader that already established a credit call spread.
STOCH/RSI/MACD/Price action all show a high probability of a tear to the upside. Biotechs have been beat down of late...
About the only bet now is long duration, at least 35 to 56 days. 1751 is not far fetched, although i forsee alot of bounces along the way.
With the contracted bollinger, MACD and RSI are pointed to range expansion. Overhead resistance on the daily is looking like 41.39
To challenge the 20 SMA, short term bullish and largely in the range of 120/114 of late
J hook pattern suggesting bullish push to 126-133 region. supported by volume
Support at 71, to justify oversold conditions and reversal play
over sold conditions. For those still subsiding. Resistance of 344 is forseable
Sitting or bouncing off support. Good entry. The short sellers should pull down briefly but not for long.