Looking at some multiple argument resitance ahead of MU price.
25/26 Bull Put Spread from earlier this week plays out nicely. Didn´t get filled on the second wing of the proposed Iron Condor so now waiting for price to rally into this resitance area and they open a Bear Put Spread
How you figure out resistance at 34 level? thought about 36.7
LorbeerInv
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@linox, Hi there, I was looking at an ABCD 100% move + Fibonacci extention levels to determine the concentration of resistance I am focussing on. But you are right to mention the 36´s as there lies the next structure resistance of, namely the swing high.
No, when I look for resistance I look for swing highs or low (36) harmonic moves like equal distance waves or extention waves and fibonacci extention levels. Here, after the swing up wave (end of Feb to end or Mar) resulted in consolidation which eventually broke. A 1:1 projection of this upwaves ends +/- 34. Turns out, a Fib extention of this upwave until the 1.618 ends around the same price. So I guess that there will be many arguments for countertrend traders to go short around 34´s.
If I see price weakness at that I will try to sell inflated premium, depending on IV level.