Profit taking and hedge against this potential pullback
As can be seen, with the price where it is, resistance can be expected. We will see substantial profit taking here. This goes hand in hand with the narrative of the contested election.
Through my eyes, now is time for profit taking and watching closely for the potential for another swing trade.
Note: The other two pull backs were multi week, so I'd caution everyone not to get cute on short dated options.
I'm taking profit here, small hedge for 3 weeks out expiry perhaps and will be taking it off if it breaks out in timely fashion, but I will be looking for more signs of weakness before going at all counter market.
There is at this moment no confluence with RSI indicators, so at first this is a neutral outlook.
Through my eyes, now is time for profit taking and watching closely for the potential for another swing trade.
Note: The other two pull backs were multi week, so I'd caution everyone not to get cute on short dated options.
I'm taking profit here, small hedge for 3 weeks out expiry perhaps and will be taking it off if it breaks out in timely fashion, but I will be looking for more signs of weakness before going at all counter market.
There is at this moment no confluence with RSI indicators, so at first this is a neutral outlook.