Evening Jermaynew, long time no speak.
BHP chart shows it could struggle in the short term.
You want a good put option, but really a better play would be a covered call, in my opinion of course.
BHP has next support at $34. This is the last previous bounce point and the fibonacci 38.2% retracement level.
If that were to fail, then you get support at $29 - which is the 50% fibonacci retracement and also the region of the longer term up sloping trendline.
If you were to write say a dec $40 call option, you would receive around $1-85 per share based on todays last trade.
I dont know your entry price, but if you were exercised, you would in fact be selling your shares for $40 + $1.85 =$41.85.
If you are not exercised then you make $1-85 per share, and can simply write another covered call if you wish.
There is some pretty serious overhead resistance at $42 on the chart, so this strategy would probably see you retain your shares, or at least part with them at the best shorter term price I believe.
Good luck, hope this helps.
Cheers
Commy
Daily Chart looks like this, sorry the chart is zoomed out to show long term trend line.![]()
Weekly Chart looks like this
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Last
$40.33 |
Change
-0.440(1.08%) |
Mkt cap ! $204.6B |
Open | High | Low | Value | Volume |
$40.72 | $40.76 | $40.25 | $183.5M | 4.541M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 700 | $40.31 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$40.33 | 5116 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 700 | 40.310 |
2 | 700 | 40.300 |
1 | 1000 | 40.280 |
2 | 3234 | 40.260 |
22 | 6538 | 40.250 |
Price($) | Vol. | No. |
---|---|---|
40.330 | 5116 | 2 |
40.340 | 13426 | 1 |
40.350 | 13423 | 1 |
40.360 | 22614 | 2 |
40.370 | 13141 | 1 |
Last trade - 16.10pm 02/09/2024 (20 minute delay) ? |
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