Making this thread so we can share potential profitable setups. I don't get to go over stock scans all the time, so I know I miss some.
Hopefully we can all benefit from some fresh ideas!
This thread is for TA plays so please post your charts, what you think the stock will do, and why. Also what you think the best play is on it (options - what strike/month, or just common stock).
I'll start it off......
CREE Short - June 24x puts which closed today at .87
I'm looking for CREE to move down to the 22.75 - 23.00 area by next week. Currently at 25.07. So still about 8-9% of downside to go IMO.
Failed to retrace back up Tuesday/Wednesday and now it looks like another leg down is coming. Also the CEO just left last week, went to work somewhere else.
Here's the 120 day chart. That purple horizontal line is the support area I'm looking at. It's support from January, and will also be support from the 61.8 arc fib. I believe we'll see a bounce at this level, but technically it could still break and go down towards $20.