Swing Trade Idea – (GLD) – June 9, 2020
Our bullish trade for Tuesday, June 9th is GLD (SPDR Gold Shares NPV). GLD has experienced a 0.6% loss in the last month and has been ranging between $157 and $164 since April 9th 2020.
GLD is currently at an area of support within its range providing an ideal put credit spread opportunity. With a technical score of 8 (out of 10), GLD is a strong ETF that will likely continue higher.
As a stop loss, if GLD were to trade below $156 for multiple days, this would invalidate our analysis and we would focus on cutting losses on the trade. We would also consider cutting losses on this options trade if the value of the vertical spread moves above $3.96.
