Is this stock about to get Merked?

Combining TA and Insider Sales to put on an Options Strategy $XLV $XBI $IBB

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Welcome new subscribers!

We are utilizing insider sales along with a topping chart pattern to put on a Put Options Position on Merck or $MRK. We have looked at how previously we can take profits or short a stock against a logically resistance area before. Now, we are going to add the ability to look at insider selling to confirm our decision to short the stock, here is a recent $15 Million Dollar insider sale on $MRK, the biggest sale since Jan 9th, which marks a top.

We've identified the setup, now let's look at the chart to see how we want to approach the trade.

$MRK stalled at the $116 area, and we now have local support at $113 with the 200 SMA at $100. Therefore, we are going to target $115 on a short term weekly trade. I've also looked at the Options Chain and we've noticed two big Put trades: June 2nd $118 P (Puts abbreviated) for $45k and Jan 19th 2024 $105 Puts of $97k (280% increase over Open Interest).

Let's put on the April 28 $115 & $116 Puts this am and we can add some June 2nd $118 Puts to piggyback on that trade that gives more time to play out.

So, lets take action today and use this as a potential opportunity short $MRK with a defined risk level and make.

Remember to trade confidently!

~ WizDayTrader

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