You'd think after a 50% rally in just under 2 months, even a sound profitable company would take a breather.
On the hourly, I see it forming a H&S resistance around 258.30
Earnings tomorrow is a possible catalyst to determine a direction. I think it's mildly possible they beat their expectations (less negative earnings) based on number fudging and/or outright fraud. No, they won't get punished for it as markets are currently lawless and irrational (Hello BYND $200). But again, after a 50% rally in such a short time, I believe any upside is limited. Best case scenario would be an upside burst that allows a cheaper entry into some 2020 puts. Failing resistance at 258.30 and losing the neckline at 254 would complete the H&S pattern and make attractive a tactical shorter term entry.
On the hourly, I see it forming a H&S resistance around 258.30
Earnings tomorrow is a possible catalyst to determine a direction. I think it's mildly possible they beat their expectations (less negative earnings) based on number fudging and/or outright fraud. No, they won't get punished for it as markets are currently lawless and irrational (Hello BYND $200). But again, after a 50% rally in such a short time, I believe any upside is limited. Best case scenario would be an upside burst that allows a cheaper entry into some 2020 puts. Failing resistance at 258.30 and losing the neckline at 254 would complete the H&S pattern and make attractive a tactical shorter term entry.
Trade ativo:
Well, earnings went as well as I expected.
Net loss $408M, on record deliveries. They will never make money.
After seeing the strong run into the close, I bought a slug of 10 September puts near $265. Obviously with hindsight I wish I bought more, but the capital would then be more than I'd like to risk.
We should have interesting days ahead.
Net loss $408M, on record deliveries. They will never make money.
After seeing the strong run into the close, I bought a slug of 10 September puts near $265. Obviously with hindsight I wish I bought more, but the capital would then be more than I'd like to risk.
We should have interesting days ahead.