27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
180 Life Sciences Corp. (NASDAQ:ATNF) shares rallied Friday, and there was no company evident news to explain the rise in shares.
The stock closed up 18.5% at $6.96.
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180 Life Sciences Short Term Chart Analysis: The 5-minute chart above shows the stock has two potentially key levels.
The $7 level and the $10 level are both key levels. The $10 level has previously held as resistance. The stock has struggled to get over this price level and it may hold as resistance in the future.
The $7 level has previously held as resistance before the price was able to break above. Since then, the $7 level has held as support and looks to potentially hold again in the future.
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The stock is trading above the 200-day moving average (blue) and below the volume weighted average price (pink), indicating the stock may be consolidating for a time before the stock could see a strong move to one side.
180 Life Sciences Daily Chart Analysis: The daily chart above shows the stock may have recently broken out of what technical traders call an “ascending triangle” pattern.
Higher lows built up to a resistance level near $7 before the stock broke above the level. Now, the stock may need to consolidate above this level to see higher moves. As a previous resistance level, this $7 area may now hold as support.
The stock previously has shown resistance near the $11 level. This area may hold as resistance in the future.
What's Next: Bulls would like to see the stock consolidate above the $7 level and build higher lows up to the resistance level of $11. Eventually, bulls would like to see the stock cross above the $11 and consolidate before it may see further upwards moves.
Bears would like to see the stock fall below the $7 support level and consolidate before the price may see further downwards moves.
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.