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Simple bull flag play. After a 10 point rally, the stock has been in a 2.5 point trading range for the second half of september. The key level is 54.25.
On a break of those resistance levels, I like purchasing the November 55 call for about 3.00.
A loss of 51.75 would get me out of the trade.That’s a risk of about 80 per contract.
Initial measured move is 2.5 points higher from the breakout level, so around 56.75. If the stock rallies into that level, take 1/2 of your position off and move your stop higher.
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