TopOptionAlert
Oct 23, 5:02 AM
$RIOT OCT30 13.50C · in play
Zone:
$12.80 to
$12.98
Invalidation: close under
$12.50
Objectives:
$14.00, then
$15.50
The math: up 8.6% to the first objective and 20.3% to the second, against 3.0% risk on the invalidation, better than 6 to 1 to the second.
Friend, picture a car wash in a thunderstorm. Nobody is buying, the owner is barely selling, and that is when the patient buyer makes his best offer. Riot is that car wash right now: the stock lost half its value in a month, sits barely over a dollar above its 52 week low, and the panic is nearly spent with the RSI down at 25.8. This is a swing into the October 29 earnings report, and the 13.50 calls are really just buying eight days for Riot to remind the market it is still the biggest name in American bitcoin mining.
P.S. Bitcoin fell about 3 percent on Thursday and dragged the miners down with it, so a bounce in the coin is the most likely fuel for a bounce in Riot.
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