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SAP - Watching that 196 area resistance
Been keeping an eye on $SAP today. Solid move, clearly a lot of interest around the earnings. What I'm looking at now is the 196ish level. It bounced off 195.8 earlier today, which isn't a hard resistance, but if you look back, it's been a sticky spot. For those playing options, it feels like this is where we'll either see some profit-taking or a real push for a breakout. If it clears and holds above 196.5-197 convincingly on higher volume, then the short-term calls could definitely see some juice. However, a rejection from this level, say back down towards 194, would likely trap some of the late buyers and might lead to a quick retest of the opening levels from this morning. Just my read, but that 196-197 zone is key right now.
1 comments · 1 points
That's interesting. I hadn't looked at the 196 level specifically, but I definitely saw that bounce earlier. Do you think the earnings volume is enough to push it through, or are we likely to see it consolidate there for a bit first?