TopOptionAlert
Oct 24, 8:27 AM
$TQQQ NOV20 69C · still actionable
Zone:
$65.83 to
$66.75
Invalidation: close under
$65.37
Objectives:
$69.65, then
$73.43
The math: up 5.1% to the first objective and 10.8% to the second, against 1.4% risk on the invalidation, better than 7 to 1 to the second.
Dear friend, picture a spring pressed flat all week and now sitting on the floor it just defended. TQQQ fell more than 10 percent in five days, then closed Friday at 66 dollars and 29 cents after touching 65 dollars and 37 cents and holding there. This is a swing setup, and what that means is simple. If that low holds, there is room back toward 69 dollars and 65 cents first, then toward 73 dollars and 43 cents, while a close under the low says the floor gave way and you step aside.
P.S. Watch 67 dollars and 67 cents, the high on Friday, because a close over it would show buyers lifting price off the low instead of only defending it.
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