Pull Back Done? Possible Entry Trade

Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL)

NASDAQ:CBRL Cracker Barrel Old Country Store, Inc.

I have liked CrackerBarrel since October and made some good money on the run up. Today I added February 130/125 1x2 Put Spreads for a 20c credit to to possibly start a position. My thinking: It is at a 23.6% retracement, if it holds here and reverses then keep the credit. If retraces 38.2% then I am at max pay out and into the stop with a 120 basis., 50% retrace also puts me in at 120 but at the market, also closes the gap. Below that I have some work to do.

Penafian

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