The indicators point to buyer exhaustion, hence a pullback in price before Virgin Galactic makes its test flight.
If you buy 2/12 or 2/19 puts you have time for selling to occur. I am looking for 46 and 44-42.50 as profit targets. The test flight is on a weekend, and I am not holding puts past the 12th. If price action and indicators do not support this idea on Tuesday (2 Feb) then exit or trim position so you are comfortable holding.
Look for a good entry on 2 Feb.
- Price action shows a 5-wave pattern (white zig zag line)
- RSI corresponds to this with three peaks in overbought territory
- TTM squeeze is high and we can expect some gray bars as momentum eases
If you buy 2/12 or 2/19 puts you have time for selling to occur. I am looking for 46 and 44-42.50 as profit targets. The test flight is on a weekend, and I am not holding puts past the 12th. If price action and indicators do not support this idea on Tuesday (2 Feb) then exit or trim position so you are comfortable holding.
Look for a good entry on 2 Feb.
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