Bought To Open (BTO) 8 Calls of Regions Financial (RF) on 04-21-2020.
Stock Price--$9.19
Calls Execution Price--$0.42
Strike 12, Expiration August Monthly
Small dotted line is price of Stock when I bought the Calls. Solid yellow line is Strike Price when RF will go In The Money.
I see a wedged Uptrend with Support and Resistance shown by orange trend lines. Expect Resistance at $11.00 from April 9, 13-14 2020 (Good Friday holiday weekend was reason for irregular trading days) and Resistance at $11.50 from 9-10 March 2020.
If RF breaks through $11.00 Resistance with no problems I will hold and wait for $11.50, and repeat. If it reaches either of those Resistance areas and is unable to break through after 3-4 days (ish) I will close position and take profits.
Stock Price--$9.19
Calls Execution Price--$0.42
Strike 12, Expiration August Monthly
Small dotted line is price of Stock when I bought the Calls. Solid yellow line is Strike Price when RF will go In The Money.
I see a wedged Uptrend with Support and Resistance shown by orange trend lines. Expect Resistance at $11.00 from April 9, 13-14 2020 (Good Friday holiday weekend was reason for irregular trading days) and Resistance at $11.50 from 9-10 March 2020.
If RF breaks through $11.00 Resistance with no problems I will hold and wait for $11.50, and repeat. If it reaches either of those Resistance areas and is unable to break through after 3-4 days (ish) I will close position and take profits.
Trade closed manually:
I saw RF had trouble breaking the $11.50 Resistance yesterday (Wed, April 29, 2020) and within the first 10 minutes of trading today (Thu, April, 2020) I saw RF forming an Evening Star candlestick pattern. I sold all 8 Calls for Bid of $.55 at Stock Price $10.59 at approximately 09:40 EST. As I'm writing this about two minutes later I see the Stock price and the Bid price of my contracts slowly rising.
Oh well, I still made over 20% profit within one week time frame. If it can breach the $11.50 Resistance I may enter another RF position, or if it drops to my Uptrend Support line and bounces back to continue its Uptrend I may also enter another Bullish position.
Oh well, I still made over 20% profit within one week time frame. If it can breach the $11.50 Resistance I may enter another RF position, or if it drops to my Uptrend Support line and bounces back to continue its Uptrend I may also enter another Bullish position.