By Licia Leslie
October 18, 2024
Hi Shoppers,
Shopify (TIcker: SHOP) is up against resistance and has a change in trend candle doji on Monday:
It hasn’t sold off yet and the 21 day moving average is sitting at $80.82.
I will be watching for SHOP to trade below $80.82.
I don’t mean for a minute or two, wait for the stock to reveal itself to you that it is going lower.
Then shop for puts in the Oct25 expiration cycle:
The 80 strike will be just out of the money and will be trading for around $1.15- $1.25.
There will be some support at $78 but below there SHOP can trade down to $76.90.
Use a close above $81 as your stop loss.
Trade Review
Affirm Holdings (Ticker: AFRM) down four bucks … I hope you took advantage!
Thank You 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