Setup: Parabolic Short
Description: The stock had a pretty good sized gap higher on earnings and is running higher after that. It’s headed into some key resistance at 75 that I think will probably be tested but not cleared all in one shot. Too much energy has been spent and will need a consolidation or pullback before it can resume its uptrend.
I’ll be opening the Sep 80/85 bear call spread, starting around .60 and adding at 30 cent increments.