K- Option play on earnings
K - Kellogg seems fallen down from a head & shoulder pattern, retested its support line & now breaking down to complete the formation.
We think it will decline to 70 area shortly, most-likely with the earnings on 1st November.
We like to play this opportunity with options. We would consider $70 March Puts ($2.30) & $72.50 January Puts (42.5)
We think it will decline to 70 area shortly, most-likely with the earnings on 1st November.
We like to play this opportunity with options. We would consider $70 March Puts ($2.30) & $72.50 January Puts (42.5)
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