Old Resistance = New Support

BY LICIA LESLIE 

November 5, 2023 

Hi Shoppers,

 

Medtronic (Ticker: MDT) has had a nice little run higher.

 

Friday it closed just over the 21 day moving average but … look at the candle it created:

 

 

It could be a doji which may be signaling a change in this little uptrend.

 

Or it may not.

 

We need to see what tomorrow’s action brings.

 

If the stock opens higher and trades there for an hour or more, check out the calls expiring Nov17:

 

 

I like the 73 calls for right around a dollar.

 

Use a close below the 21 day moving average at $72.25 for your stop loss.

 

Trade Review

 

Carvana (Ticker: CVNA) started out lower on Friday morning until it revisited that old resistance now new support level and then it bounced trading up to $35.

 

That was up 16%!

 

Remember a lot of times the stock will revisit that support/resistance level that it had just broken through before continuing in that direction.

 

 

To get more trades like this with the exact entry and exit sent to you, become an Option Shopper!

 

Thanks for Reading … See You Next Tuesday,

 

Licia Leslie

Licia Leslie

Head of Technical Analysis

pit profits

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

Licia Leslie

Licia Leslie

Share This Article

About the Author

Licia Leslie

Licia Leslie

Former CBOE floor trader and CIO at Karman Line Capital. Author of ‘The Option Traders Hedge Fund’ with over 30 years of options trading experience.

Popular Posts

Categories

Stay Updated

Subscribe to our newsletter for daily trading insights

Upcoming Events

FOMC Meeting

2:00 PM EST

Earnings Season Begins

Pre-market

Options Expiration

Market Close

NFP Report

8:30 AM EST