Hanging on by a thread here. Price could see ~22.20 if it breaks. (No position)
Previous resistance on June 8th, now became new support. A close below $23 is a sign of a fail of the short-term bull trend. Next support level is $20.
XME testing 200 day MA with rising 20 and 50 MAs supporting below. Intermediate term cup and handle pattern. Small gap up above 23.85 to previous support zone. Good risk / return around $24.
XME is the metal and miners ETF. See reference info here . It is Not Yet bullish, nor rallying, But appears to need to close above 27.50 for the week for it to properly attempt a technical bullish rally...
... for a .94 credit. Notes: Selling a delta neutral short strangle in the first expiry in which the at-the-money short straddle is paying greater than 10% of the underlying. Given the smallness of the instrument, will do additive adjustments if necessary to delta under hedge.
XME ETF seems to have bottomed and breaking thru and trading above all kinds of resistance (trendline, 200 day, SR level) with some strength and momentum. Target 33.00
Weekly Chart : The XME is in a Down Trend for almost 2 years. Two important Technical keys: 1. The Down Trendline 2. The Support are of 24.25-25.43 Daily Chart : The price getting squeezed between the trendline and the support area - The Probable Scenarios : Scenario #1 is more probable, im looking for a break of the support area, in...
Some residual IV here from recent earnings of holdings in the ETF. -1 Sep21 35/37 strangle for $1.72 cr. Risk: 2x cr received or continue to roll put Profit: 50% cr rec or if IV drops with too much time left to hold risk.
XME should see pretty strong upward bias in the next 40-60 days and should make it to the 40-45 region. I will be taking position on any pullback which may materialize in the next few days. As additional proof 1. We bottomed at a good fib support, and then made a nice bottoming formation of bottoming exactly at the next support level (as in "Automatic supports"...
A bullish signal on XME (Etf Metal & Mining) with the target in the area $40.30. Stop loss at $35.90.