$Amazon.com(AMZN)$ NOV20 255C still looks actionable.
Zone: $247.35 to $250.83
Invalidation: close under $247.23
Objectives: $255, then $265
The math works out to roughly 2.4% upside to the first objective and 6.4% to the second, against 0.7% risk at the invalidation level. That's better than 8 to 1 to the second target.
Amazon took a hard slide last week and then flattened out on Monday. It closed at $249.09, slightly higher on the day, after dipping to $247.23 and holding there. Sellers looked like they ran out of steam right at that floor. The setup simply assumes that floor holds and buyers carry the price back toward $255 first, then toward the round $265 level. A close under that Monday low would invalidate the read.
One thing worth noting: earnings land after the close on Thursday, October 29, and this November 20 call expires after that report, so it isn't a single-evening bet on the whole plan.
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