Here's the trade setup
1. PG is in a supply zone denoted in the red colour
2. Earnings is in a couple days which makes for an easy catalyst to turn this around from all time highs
3. There's a triangle pattern formed over past 4 months (see attached link) and these tend to have aggressive breaks
4. I am bearish the general market so that should further support a bearish move
5. Since brokerages are raising price targets in a supply zone, I would like to take a contra call
Strategy: bought october month puts @ 125 strike price for a target in the yellow zone. But, one can always be a little more greedy and wait for the move all the way down to the demand zone (green)
1. PG is in a supply zone denoted in the red colour
2. Earnings is in a couple days which makes for an easy catalyst to turn this around from all time highs
3. There's a triangle pattern formed over past 4 months (see attached link) and these tend to have aggressive breaks
4. I am bearish the general market so that should further support a bearish move
5. Since brokerages are raising price targets in a supply zone, I would like to take a contra call
Strategy: bought october month puts @ 125 strike price for a target in the yellow zone. But, one can always be a little more greedy and wait for the move all the way down to the demand zone (green)