Description WMT double rejection off 150, a decisive close below this level triggers a short position.
Using A put debit spread, because profits are always limited by time.
Put Debit Spread Levels on Chart SL > 150 *Stops based off underlying stock price, not mark to market loss
The Trade BUY 11/26 148P SELL 11/26 135P
R/R & Breakevens vary on fill. The long call is placed ATM for higher chance of profit, The short call is placed at the 135 support level. Earnings on 16NOV are a risk factor
Manage Risk Only invest what you are willing to lose
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I missed the entry.
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If I entered on this signal, I would have been stopped out the next day. Not bad.
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Watching this again for a close <150. This will mark a fourth rejection.
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Looks like an ascending channel, if it breaks below the lower trendline in the channel, then I'll expect further downside.