Position: LONG via May 19 41 CALL options
- April 17 41 too close for comfort and April 17 40.5 does not have enough open interest
Justification: Bull reversal zone
- Wait for indicators of reversal (hammers, engulfment, etc) that are supported with chart indicators ( movement, cloud break on 15 minute chart, etc).
- 15 minute chart also showing a clear formation, so a break of this would also serve as further confirmation.
- Enter long upon confirmation of these signals.