First things first, I looked at the trade I’m already in, and I need to make a decision. Price pushed down below the lows of the base, but still stalled at what I’d call a fairly strong support area that was prior resistance. It also has stalled on the 20 MA and doesn’t seem to be able to break that. Is there anything suggesting a reversal? This is still a higher low over prior lows, the breakout made a higher high, the RSI is somewhat sloping down right now, but it’s still above 50. I’ll keep holding and at least let it play out for the rest of the day
The S&P had a decent gap up this morning, and is pushing up a bit now, but since it did gap up, I’m anticipating more weakness. The VIX is down quite a bit on the day, but that should just mean more entry opportunities. Also, there’s 45 matches on the watchlist today, so sounds like opportunities are abound! Of course I’m just going to look and single out the one’s I like and then come back here to talk about the charts I singled out
UBER – FOR LATER – Look at buying a put at this retest level of $32. I’ve gotten to this now in my analysis, and I think I still like it to the short side. It pushed up enough to reach a prior resistance area (and on the hourly chart, the upper band and 50 MA) where it’s appeared to fail and is pushing back down. The bands are expanding but look to still have room to broaden. I’ve always said I liked overbought in downtrends, and this looks like that opportunity, so I’ll run numbers here, too
First off, I’m looking at PLUG, Plug Power, an electronic components company. Over the last couple of months of last year, this pushed down, but since February, has been pushing back up. There are definite higher highs and higher lows, and while the higher lows got broken once, it maintained a higher low above the low just before Feb. Now, over the past 6 trading days, this had a bit of a base, a pullback to support/prior resistance and then a push back up to those recent highs. Today, price pushed out of those highs, but is somewhat stalled right now. The Bands are starting to expand, and the 20MA is touching the 50MA pushing upward, so I think this has opportunity to move. I’ll run numbers here and potentially pull the trigger — In order to get an option here, I’d have to risk upwards of 8% of my account. Since I can’t open spreads yet, I think I just have to miss out.
Similar to PLUG, I can’t get into UBER today without risking a higher amount of my account than I’m interested in. That said, I’m not actually risking that much, since I fully plan on exiting trades before expiration (and it’s not like UBER is going to 0 in the next couple of weeks, or in this case $1000), so I shouldn’t really worry about it, but I do. I’m going to run the TLRY numbers first, and then maybe pull the trigger on PLUG which I like more