Sandisk Looking Washed Out

Tim Biggam

Sandisk Looking Washed Out

By Tim Biggam — Author

Shares of Sandisk, after falling today for the ninth straight day, look like they may be poised for a rebound technically. Doji pattern emerged, with the stock closing off the lows of the day. Implied vol is at the highest level since the last drubbing in late March, and 14 day RSI is getting deeply oversold at 17.83.

OnV portfolio took a diagonal call spread position, going long the SNDK 7/17 55 calls and selling the SNDK 7/10 56 calls to position for a counter-trend move higher.

Tickers: SNDK

Posted to Options & Volatility on Jul 06, 2015 — 4:07 PM

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Tim Biggam