Weekly Options Watchlist - 3/11/19
Great setup on KO, tested and bounced up off of its strong support level of $44.50 on Friday. KO is a strong performer in bullish or bearish market conditions. Buyers starting to re-enter stock after poor earnings from a few weeks ago. MFI showing strength to the upside, should be a solid gainer this week. Option greeks are always very good on this stock, can't go wrong!
Price Target: $45.60
FB is nearing a retest of resistance at $170. I believe we see a rejection and a move to the downside. This should present a solid Put opportunity. The stock has also formed an Inverse Head and Shoulders pattern, although this is generally Bullish, it can present itself as Bearish if it rejects the neckline which I expect it to. Also, ADX showing selling strength starting to trend up and buying strength starting to trend down.
Price Target: $165.75
GS is approaching a current resistance level around $195.80s. As we have seen in the past this level has acted as both a support and a resistance. With the current market conditions I anticipate a rejection here. To help support this claim our stochastics are very overbought. Also, the MFI shows that in the past at these levels we have seen a reversal.
Price Target: $193.00
PM has been trading in a nice channel recently as shown on the hourly chart. PM is one of those stocks that typically doesn't flow with the market as other stocks do. I will be looking to purchase puts at the top resistance level($87.50) and calls at the bottom of the price channel ($86.40)
AMZN has bounced off this $1600 level on many different occasions. With market conditions I anticipate the price breaking through. If it does break this will be a nice profitable put trade. However, with it being oversold if it bounces off $1600 then buying calls on that bounce could lead to another successful trade.
Sentiment: Bearish on break of $1600 Bullish on bounce of $1600