Oftentimes, traders are presented with two very real possibilities, up or down. However, one simple rule that has helped me build my system of trading has been, calls at support and puts at resistance. For our stock today, however, we can look for exceptions to that rule.
Biontech (BNTX) has formed a very important support at $120, which was tested again on Wednesday. A rally could take hold near current levels, but a break and hold below $120 could lead to much lower prices.
Its critical we find these levels or we might as well be trading with a blindfold on. You need to know where the rungs of the ladder are or else how can you go up or down the ladder. The same is true when trading, you need to know where your spots are. Where will I take calls? Will I enter puts here? To answer these questions, you need to find your meaningful levels. And that’s exactly what I teach my students to do.
Learn to find these levels for yourself when you join The Profit Machine. There, you’ll learn all about my favorite stocks, setups, strategies, and plenty more. You’ll also be invited to weekly webinars where I answer questions and go over important trading lessons, like the one in today’s article. The best part, you’ll also receive live trade alerts. Not only will you get a world-class education, but you’ll earn while you learn.
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