MSFT has formed a double bottom with price twice bouncing off support around $304. This suggests that the prior downtrend(that carried price down from $344 to $304) may be reversing and could be a bullish opportunity for investors. Price target #1 is around $314, the first level of resistance; PT#2 would be around $323. A stop loss should be placed at $303; if price falls back to $304 and, finding support, bounces, we could see a triple bottom. Anything past that level would invalidate the trade premise.
From an options perspective, weekly calls(expiring Jan 21) with a strike of $315 could yield profits. Trim as price increases & place a stop loss according to the risk you can tolerate; you certainly don't have the luxury to wait for price to triple bottom.
From an options perspective, weekly calls(expiring Jan 21) with a strike of $315 could yield profits. Trim as price increases & place a stop loss according to the risk you can tolerate; you certainly don't have the luxury to wait for price to triple bottom.
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