What's up guys!
I wanted to break down one of Gold's recent alerts that we announced to the chat room:
MRK has some nice recent support at $80.00. It's come down and bounced off this level multiple times in the past couple weeks now as shown in the chart below:
We've been trying to catch this support level for a bit now. Unfortunately, we have missed it each time. While we weren't able to catch the low of $80.06 we did get a chance to grab it around $80.10ish.
What's great about MRK is the options. The greeks are fantastic and usually move very quickly with the stock. This trade lasted just over 30 minutes and we were able to quickly get in and out for 25% profit.
We sold MRK at $80.60 and hindsight we could have rode this up another 30 cents but 25% is nothing to scoff at. I would happily take this every day! =)
We look forward to the next time MRK is down at this level.
Good luck and happy trading!