The 119.57 level may offer some resistance but we believe a breakout is imminent. However, we are going to pony up a little bit of premium to buy us a couple of months for the move to materialize.
The September 21 $119 strike is being offered at $3.40. This will require a nearly 3% gain at expiration to breakeven. Should the 119.57 level be bested, 126 could easily be achieved. 122.50 is needed to breakeven, 126 doubles our $3.20 investment.
The September 21 $119 strike is being offered at $3.40. This will require a nearly 3% gain at expiration to breakeven. Should the 119.57 level be bested, 126 could easily be achieved. 122.50 is needed to breakeven, 126 doubles our $3.20 investment.