My Options Trading Pick For Tuesday, March 26, 2024, Is Now Live.
$DELL is in a bullish trend and broke out above its $115.61 resistance level today which now becomes support. I'm going to risk $505 per contract for a potential $995 profit, a 197.03% return.
Commentary: $DELL traced out a double bottom, breaking out in May 2023. The stock crawled higher until February 2024 when it had a power earnings gap to an ATH of $131 on March 1. The shares traced out a bull flag on light volume back to the 21-day exponential moving average and are bouncing
🎯 My target price is $132.31 by expiry and I need to be above $120.05 for the trade to be profitable.
Strategy: Call Vertical $DELL
Trade Breakdown:
This is a bullish strategy with a limited risk of $505.00 and a limited potential reward of $995.00. This strategy will profit if the stock closes above $120.05 by May 17, 2024. There is a 38.88% probability this will happen.
Entering The Trade:
Bid: $4.60 Mid: $$4.82 Ask: $5.08 Avg Premium: $5.08
Please note that these prices were taken during market hours. If they change dramatically by the time you read this, use your discretion. Stop Loss at 50% on this trade.
$DELL Dell Technologies Inc
Trade Checklist:
Stock Trend: The strategy you have chosen is bullish and DELL's 1m trend is bullish.
Market Trend: The strategy you have chosen is bullish and currently the S&P 500's 1m trend is bullish.
Earnings Date: There are no earnings between now and the expiration of your strategy.
Spread & Liquidity: The bid/ask spread of this trade is sizable, it is recommended that you place a limit order near the MID price.
$DELL Alternative Trade For Level I Accounts:
Trade Breakdown:
This is a bullish strategy with a limited risk of $730.00 and unlimited profit potential. This strategy will profit if the stock closes above $122.30 by May 17, 2024. There is a 33.74% probability this will happen.
Entering The Trade:
Bid: $7.00 Mid: $7.15 Ask: $7.30 Avg Premium: $7.30
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Hm, lots of Insider selling in DELL