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After a massive earnings breakout, FB is seeing some profit taking and is pulling into its 20 DMA for the first time since the breakout:
That level (41.61) coincides nicely with previous resistance on a 30 min chart:
As the trend has changed in the short-term, you need to be a little more tactical about this. Look for evidence of buyers as we head into the 42-41.50 range. We want to see a reversal into weakness… if we get that then I like selling the Oct 40/38 Bull Put Spread
Worst case stop under 39.
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