Target 1- $83.20
Target 2- $86.00
I may trail stops on this trade after target 1 is hit. I will be sure to keep you up to date on how this trade plays out as I am sure there is going to be a lot to learn from it. This is a Swing trade and can take weeks to fulfill Targets. Thanks Traders, I hope this was helpful.
1) There has been very little volume behind this weakness. If we had heavy volume, there would be a greater probability that price would head lower.
2) We had a massive gap down last week (check out my previous idea to see that trade) and these gaps tend to fill on this ticker symbol.
3) We also have options expiration coming up on Friday June 2nd and this can sometimes interfere with price if there are a lot of Call Options set to expire on June 2nd.. If the majority of these Call Options are "In the money", We can expect the buyers of the Call Options to exercise there contracts which would leave the Sellers of the Call Options obligated to buy shares.. This can result in a surge to the high side every now & again.