T Entering reversal zone

AT&T is entering its reversal zone and is gearing up for a good long play.

Symbol: T
Position: LONG via May 19 41 CALL options
- April 17 41 too close for comfort and April 17 40.5 does not have enough open interest
Justification: Bull reversal zone

Strategy:

• Wait for candlestick indicators of reversal (hammers, engulfment, etc) that are supported with chart indicators (RSI movement, cloud break on 15 minute chart, etc).
  
• 15 minute chart also showing a clear wedge formation, so a break of this wedge would also serve as further confirmation.
  
• Enter long upon confirmation of these signals.
  

.

Dagangan aktif:

Filled to open May 17 41.00 Call yesterday before close to take advantage of any potential gap. Risky, but based on price action in previous sessions I expected a gap up.