With heavy insider selling & formation of Double top, CNX looks very good SHORT opportunity. We are looking to get in current price around 13.5 with a Target of 9 On the Option side buy Jul16, 12 Put at $0.62 is very good with huge volume for longer term looking for Oct16, 11 Put currently trading at $1.25
I see an opurtunity for loading in CNX since it has obviousl started its pullback. I broke the trendline and it is facing several supports (50 and 200 SMA and two previous highs). Each of them should be considered as long entry point. Regards
CNX Recent $7.00 call options with $1.50 strike price 20MA crossing 50MA, Double bottom formation $12.00 potential by March if trend continues, $16 potential year end Stop loss $7.50 closing basis
CNX has been totally hammered and with an IVR of 100 and an IV of 119, I can't resist a play. 100 Shares CNX at 6.61 1 Jan 15 7 short call Total Package: 6.00 debit ($600) Max Profit: (If Called Away at 7 -- $100, excluding fees/commissions).
More bullish than bearish if we close above the 200 sma
Multiple confluence and negative divergences. Target 26$ ish