We were watching for RIVN to move above 17 and it is still building up the steam for that move. The longer it consolidates trying to break upwards, the more powerful the move will be when it finally does. Be cautious of support giving out.

Zoom confirmed that it was oversold and found buyers looking it grab the dip. That steam faded a bit on Friday so the broader downtrend could continue this week.

Marathon couldn’t leverage the support of a recent consolidation and hit the target we were looking for to confirm a bull move. It dropped on Friday telling us to hold off on a bull move strategy like a call and see if it moves further to the downside or makes another attempt at an upside run.

INTC is the ticker to keep an eye on this week for sure. It played out almost exactly as expected. We were looking for a weak rebound that hit resistance at about $89-$90 and it fought hard to get to $90 and then fell back. This sets up a further drop making this a great candidate for a put option with a near target of that previous $85 level and the potential to move all the way back to $80.

We’ll look for more opportunities to consider this week and keep you posted as we spot them.

Wishing you the best,

Wendy

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