We recently entered a put spread with a tight stop because of the uncertainty of the broader markets. Today, after further weakness, it closed with a beautiful bullish engulfing bar, bouncing off of support. We have more confidence now in a bullish reversal.
6/29: DBX – Consider shorting Jul (7/6) $31.5/28.5 bull put credit spread for a limit of closing mid-point of $.40/share or better since extended intra-day (8 DTE). Bullish Engulfing Bar on Major Support daily, Bottoming Tail weekly. Stop: None, will roll if needed because of bullish pattern on support.
