TopOptionAlert
Oct 19, 12:40 PM
$RIOT NOV20 15C · still actionable
Zone:
$13.97 to
$14.17
Invalidation: close under
$13.58
Objectives:
$15.19, then
$16.17
The math: up 8.0% to the first objective and 14.9% to the second, against 3.5% risk on the invalidation, better than 4 to 1 to the second
Dear friend, think of this swing setup like a ball that fell down a long flight of stairs and finally hit the landing hard enough to bounce a little. Riot fell 18.7 percent in five sessions and closed Friday at
$13.72 after touching
$13.58, and buyers lifted it near
$14.07 before the open today. What that means is simple, the low on Friday sits close underneath us, and overhead sits room back toward
$15.19 first and
$16.17 next if that low keeps holding. If price closes under
$13.58 that bounce idea is wrong and you step aside, plain and simple.
P.S. Watch
$15.19 on Monday. It was the high on Friday, and a move over it would show buyers following through, not just lifting price in quiet morning trading.
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