BY LICIA LESLIE
February 16, 2024
Hi Shoppers,
The SPDR Select Sector Fund – Financial (Ticker: XLF) has been trading in the box range, meaning it has been consolidating since January 30th.
Yesterday it broke out to the upside:
Now I do have some resistance on yesterday’s high so we want to watch for the stock to trade higher before entering our calls.
The calls expiring Mar15 are a good buy:
I like the slightly out of the money 40 calls with the highest gamma which means they will move the most as the stock trades higher.
My next resistance level comes in at $41.75.
Remember to let the stock trade for at least an hour after the opening and be sure it is moving in your direction.
Trade Review
I discussed my IShares 20 Year Treasury Bond ETF (TIcker: TLT) trade above.
Look at the chart now, this one is ready to move:
Watch for it to move away from that support / resistance level for the next direction.
Thanks for Reading … See You Next Tuesday,
Licia Leslie
Licia Leslie
Head of Technical Analysis
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