Post by Admin on Mar 29, 2015 14:59:32 GMT -5
( Click to Enlarge)First let me apologize for all the lines on this chart ( cluttered charts are a pet peeve of mine) but I wanted to point out all the support levels that I am looking at:
A: On march 26th FDX spiked down into the support level on decent volume after selling off for 4 straight days. It held the support and bounced just like it did on 3 separate occasions as some buyers stepped in.
B: I entered the trade with the April 170.00 Calls and I am looking for it to hold support right at the 200DMA and possibly trade sideways for a bit and then bounce. Of course, it is also possible that we could see it pierce the 200DMA and then recover quickly. In that case, we could get stopped out.
Lets just see how it goes.