LRCX TRADE – 24 JAN
LRCX reported earnings on Wednesday after the market close and gapped up approximately 8%. Our expectation was for a to move to at least the Resistance level of $158.50. We monitored the movements and went Long using the Feb $150 Calls.
We peeled off 1 contract after a move of 40% and exited when the Price of the stock touched the first area of Resistance around $158.50.
Eventually the stock ran to the higher Resistance level, but we were content with our profits taking our “50% out of the middle”.
View the video recording of the entire trade HERE.
Investing and Trading involve significant financial risk and are not suitable for everyone. No communication from Hit and Run Candlesticks or it’s associates should be considered as financial or trading advice. All information is intended for Educational Purposes Only. Terms of Service
GS Trade of the Week
In this video, Steve Risner discusses the setup and trade for current Trade of the Week.
Renko bars • Support • Resistance • Trend • Moving Averages • Stoch/RSI