BY LICIA LESLIE
June 21, 2024
Hi Shoppers,
Yesterday’s huge reversal in Nvidia (Ticker: NVDA) created a very large red bearish engulfing candle:
This candle is telling us the bulls were in charge and carried the stock to new highs.
Then suddenly it reached a price when the bulls decided to take their profits and the bears came in with their new positions pushing the stock lower and closing it on the lows of the day.
Now of course we need confirmation of NVDA opening and trading lower today.
If it does, support sits down at $125.
Looking at the puts:
The July 05 129 puts look like the best value. The implied volatility did pop a bit yesterday so be mindful.
Use a close over $132 as your stop loss.
Trade Review
Cameco Corporation (Ticker: CCJ) did not trade higher yesterday, no trade taken. Still one to watch.
Thanks for Reading … See You Next Tuesday,
Licia Leslie
Licia Leslie
Head of Technical Analysis
See what's hot at option pit
CAPITOL GAINS: SMR Aug16 7 call closed for a 150% gain
DELTA STRIKE: VLY Mar15 8 puts closed for a 88% gain
PFE May17 26 calls closed for a 66% win
OP MENTORING: SPY Mar22/19 510 put calendars and 520 calls for 6.4% gain
OPTION SHOPPER: ERX Mar28 65 calls closed for a 90% gain