Finally! Is HSY making a move?
Price action (31 Jan 2024)
- HSY has been in a range since Oct 2023 after a long drop!
- it tried to break out mid Nov 2023 but fell back into range
- It also tried to break down in Dec but broke back up
- This is called the area of balance (between 184 and 195)
- In area of balance, we always look for breakouts and whether it stays out
- Note MA5 is also about to cross back above green MA20
Bullish
- It broke out on 30 Jan strongly
- It will now need to backtest 195 and stay above to be bullish with the next target being 214!
Bearish
- Breaks back into range and heads for 184 again
Approach
- Had been nibbling shares since 184
- If it back-test 195 and stay above, will sell puts strike 185 and also nibble more shares
Note - HSY is also one of my MAG20 portfolio
HSY Daily - 31 Jan 2024
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