The bullish setup is still intact but price reversed in the face of resistance from:
- Down angled trend line, which is top of a channel.
- Hit equal up leg move as previous up leg, see thick yellow line segments.
- Hit 200sma.
- Hit 20sma (yesterday).
- Hit previous swing low at 160.64 (yesterday).
We are experiencing strong volatility today due to European Covid news and the US election in a few days. I would have exited by Friday's close anyway due to the election.
We could have more upside but exiting seems to be the most prudent decision. Sold the Dec 160 Call option for $4.45 near the close. Sent Tweet regarding this exit 3:46pm ET.
Summary:
Entry 3.00 10/23/20
Exit 4.45 10/28/20
445-300=$145. Add to the Winning column.
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