This is what I wrote last night. In after hours trading the stock have moved up 14.6% to $66.5.
This is setup for a nice play to the upside. As you can see in the screenshot, there pretty much is no resistance till 71.2 level, and the gap fill goes up to $77.7. Considering the downtrend prior to the gap down, the $77.7 resistance should hold and stock should channel in $55-77 range for a period of time. Because of the high volatility I do not feel comfortable buying options, but I will be setting up iron condors for the 60-85 range. I don’t feel that $60 is strong resistance level, but there should be plenty of time in the next 24 days to close that leg with some gains
The reason I have opened a 65/60 leg is the lucrative 46% gain on the trade when the stock was at $63.0. Per what I’ve said earlier, I don’t think that I will keep this trade to expiration.
