A Profitable Bull Put Spread On IBM: What's Next?

A few traders here at Real Life Trading just locked in a profitable bull put spread on IBM from analysis we performed a few weeks back. After that gain, some of us are asking “what next on IBM?”

 Well, IBM and a nice and sizable gap on November 10th. I personally think this is a retest gap. Therefore, I’m looking for those who bought into IBM all of last week, to sell and lock in their gains, causing IBM to potentially pull back. If it does, I’m watching the $156 area very closely to buy the bounce. Either with a Dec bull put spread, Dec calls or shares. But, that’s my plan! 

Below is my chart!


If you have any questions on ‘how to follow my charts on the charting software I use’, click this link.

You all rock!!

Jerremy Alexander Newsome