CZR bounced off a year long up trendline + horizontal support with a long tail doji yesterday. Slight sell off today, thus presenting us a good time to buy in.
Target profit 1: Next immediate resistance at around $100 giving us about 2.8 R/R ratio.
Target profit 2: Next resistance at around $105 giving us about 4 R/R ratio.
If you trade options, 3 months out should be sufficient. As for strike price, it will depend how risky you want it. ATM strike will be safer vs OTM strikes.
P/S: There's actually a typical Elliot Wave pattern formed/ H&S pattern with a broad neckline. Depending on the price action in the upcoming days, we will evaluate again if the move will unfold.
Disclaimer: I'm not giving any trading and investing advice. I'm just sharing my chart observations.
If you have any symbols that you'd like me to analyze, feel free to drop me a comment.
Target profit 1: Next immediate resistance at around $100 giving us about 2.8 R/R ratio.
Target profit 2: Next resistance at around $105 giving us about 4 R/R ratio.
If you trade options, 3 months out should be sufficient. As for strike price, it will depend how risky you want it. ATM strike will be safer vs OTM strikes.
P/S: There's actually a typical Elliot Wave pattern formed/ H&S pattern with a broad neckline. Depending on the price action in the upcoming days, we will evaluate again if the move will unfold.
Disclaimer: I'm not giving any trading and investing advice. I'm just sharing my chart observations.
If you have any symbols that you'd like me to analyze, feel free to drop me a comment.