GILD Bearish bounce off $76 resistance level
The bearish DailyPlay we chose for Tuesday, April 24th is Gilead (GILD). GILD recently bounced lower off its $76 resistance level and trends have turned bearish with weak moneyflow. Look for a continuation lower towards $69 support level as our target. We suggest using put vertical spreads to take a bearish view with limited risk.
OptionsPlay Example: GILD Jun 01 67.5/75 Put Vertical @ $276 - View this Trade: app.optionsplay.com/
Cost: $276
Max Reward: $474
Max Risk: $276
POP: 45.20%
Breakeven: $72.24
As a stop loss, if GILD was to trade above $76 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
OptionsPlay Example: GILD Jun 01 67.5/75 Put Vertical @ $276 - View this Trade: app.optionsplay.com/
Cost: $276
Max Reward: $474
Max Risk: $276
POP: 45.20%
Breakeven: $72.24
As a stop loss, if GILD was to trade above $76 for multiple days, this would invalidate our analysis and suggest getting out of the trade.