DailyPlay – Opening Trade (AZN) – July 11, 2024

Additional AZN Bullish Opening Trade Signal

Investment Rationale

After pulling back and holding its $76 support level, AZN is starting to trend higher again and presents an opportunity for us to add another 2% of our portfolio’s exposure to this trade now that it is trading above the short strike of our Put Vertical Credit Spread.

We are adding to this position by risking another 2% of our Portfolio, using the same strike prices and expiry date.

AZN – Daily

Trade Details

Strategy Details

Strategy: Short Put Vertical Spread

Direction: Bullish Credit Spread

Details: Sell to Open 13 Contracts August 16th $77.5/75 Put Vertical Spreads @ $0.96 Credit per Contract.

Total Risk: This trade has a max risk of $2,002 (13 Contracts x $154) based on a hypothetical $100,000 portfolio risking 2%. We suggest using 2% of your portfolio value and divide it by $154 to select the # contracts for your portfolio.

Trend Continuation Signal: This is a bullish trade on a stock that is trading higher and is expected to continue the uptrend.

1M/6M Trends: Bearish /Neutral

Relative Strength: 8/10

OptionsPlay Score: 95

Stop Loss: @ $1.92 Debit. (100% loss to the value of premium received)

View AZN Trade

Entering the Trade

Use the following details to enter the trade on your trading platform. Please note that whenever there is a multi-leg option strategy, it should be entered as a single trade. 

PLEASE NOTE that these prices are based on Wednesday’s closing prices. Should the underlying move significantly during the pre-market hours, we will likely adjust the strikes and prices to reflect a more accurate trade entry. 

View AZN Trade