If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.
The change in price came along side change in volume that was down 42.75% from previous day, but up 77.99% from the tuesday of last week.
Price action traders may also wish to note that we see a pin bar candlestick pattern on orcl.
Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed down.
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
Will grab a couple puts to hedge my leaps in the short term if that happens.
The price move occurred on stronger volume; specifically, yesterday’s volume was up 11.19% from the day prior, and up 25.66% from the same day the week before.
This is the 2nd straight hour orcl has seen its price head down.
As for how volume fared, yesterday’s volume was up 35.04% from the previous day (sunday), and up 13.84% from monday of the week before.
It's a credit spread in november so hopefully we can eat up some theta here before a bounce may make it even more profitable?