PLAY: Buy the FSLR March 140 Calls (O:FSLR 11C140.00) at or under $4.90 (or best price), good for the day. Place a tight, protective stop limit at $3.30 and a pre-determined sniper sell at $8.00.
Dear Bottarelli Research Member,
As outlined before, we’re only going to make plays on stocks tapping big-time support or resistance. And even then, we’re going to play these moves quickly and cut them off at the knees if they don’t materialize. With that set-up, take a look at the First Solar (FSLR – NASDAQ) chart below:
As you can see, FSLR is testing a very strong support point at $140. This was the pivot that sparked a move up to $175 back in mid-January. Now, shares are back to this pivot node once again. Because of this strong support, let’s establish a new “starter” position in FSLR calls and see if we witness a similar bounce. If we do see a pop, we’ll be in great shape. If not, we could add more at the $140 support point. On that note, here’s the play…
PLAY: Buy the FSLR March 140 Calls (O:FSLR 11C140.00) at or under $4.90 (or best price), good for the day. Place a tight, protective stop limit at $3.30 and a pre-determined sniper sell at $8.00.
And as always…
Lock and load
Sincerely,
