1. Looking at the RSI, it shows oversold conditions at 44, we need to take into account that it needs to tests 50-60 RSI to understand the forward pattern before it can reach 30 RSI or 70 RSI. We call this a dead cat bounce if bearish.
Based on the current situation, the idea is to wait until 50 RSI and do a Strangle in options.
2. It's testing the 50 moving average, it is able to break the 20 moving average then we could say with confidence is bullish.
If it fails then it will test the 100- and 200 AT THE PRICE $295.
This statement could be supported by the support at level 294 starting from March 2020.
3. There is a gap between $311 and $318 that has to be filled in the future.
Stay out of the trade until any of these conditions meet, then you can freely trade safer.
Have a good day guys.
Based on the current situation, the idea is to wait until 50 RSI and do a Strangle in options.
2. It's testing the 50 moving average, it is able to break the 20 moving average then we could say with confidence is bullish.
If it fails then it will test the 100- and 200 AT THE PRICE $295.
This statement could be supported by the support at level 294 starting from March 2020.
3. There is a gap between $311 and $318 that has to be filled in the future.
Stay out of the trade until any of these conditions meet, then you can freely trade safer.
Have a good day guys.
Comment:
GAP from $311 and $317 almost filled.