Barrick Gold has reached a point of resistance, which was a short-term target area for us. You can also see that there is a bearish engulfing pattern that has showed up on higher volume. This tells us the sellers are moving in to take profits. My first thought was to sell at-the-money calls against the long leap position and turn this into a diagonal calendar spread but the bearish candle changed my mind. It’s hard to turn down a 66.6% profit in just two months, so I think it’s best to take our money and run with this one.
To gain access to the PDF download and video, sign up for
an Options Oracle Subscription!
