QCOM - Great RR setup, 20% zipper in coming month
Updated
Morning traders,
On mondays open I plan on opening a middle June to end of June put spread on this asset. Let's dive in.
1) Weekly shows signs of clear exhaustion and indecision, we have a doji print.
2) RSI is exhausted and printing downwards
3) Slowstoch is at the peak and is bearishly crossing
4) VFI has flattened out, likely the high of this move with downside coming next week.
5) MACD is bullish, but expecting the first negative tick next week.
6) Stoch RSI shows it's about to correct.
With a RR of 3.76 and a 19.53% potential return, this is a juicy short. Last week QCOM had the highest amount of shorts opened, and I expect that to continue once it gets going.
I'm targeting the major support zone which also coincides with the 0.618 @ 69.03
China news can propel this thing at any moment, so it should be an interesting, and profitable week.
As always, if you enjoy my content hit that like / follow button, and I always post @ twitter.com/cryptocrewnews
On mondays open I plan on opening a middle June to end of June put spread on this asset. Let's dive in.
1) Weekly shows signs of clear exhaustion and indecision, we have a doji print.
2) RSI is exhausted and printing downwards
3) Slowstoch is at the peak and is bearishly crossing
4) VFI has flattened out, likely the high of this move with downside coming next week.
5) MACD is bullish, but expecting the first negative tick next week.
6) Stoch RSI shows it's about to correct.
With a RR of 3.76 and a 19.53% potential return, this is a juicy short. Last week QCOM had the highest amount of shorts opened, and I expect that to continue once it gets going.
I'm targeting the major support zone which also coincides with the 0.618 @ 69.03
China news can propel this thing at any moment, so it should be an interesting, and profitable week.
As always, if you enjoy my content hit that like / follow button, and I always post @ twitter.com/cryptocrewnews
Trade active
Trade closed: target reached
Took profits early, not sure on future direction
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Twitter: twitter.com/Jedi_ant
Twitter: twitter.com/Jedi_ant
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