Why I am watching SO

All right, folks another day in the markets on Wednesday 223 s&p Closing near as low as course the indices, energy markets get a lot of headlines. We’ve been trading a lot of crude oil personally. But we’re looking at another energy market. This one in the gas and electric utility holding sector. The ticker is S O, the company is the Southern CO, and we’re looking at a potential bullish trade setup here in so it starts on around March 11, ends on around March 28. Of course, we know that this is nothing definitive, this March 11 is not a hard date, it gives us an idea that we should be looking for perhaps a bullish trade idea around this timeframe. So if we take a look at the charts, by the way, this is has an 80% win rate over the last 40 years, you can see all of that good data there and a lot of hard sell data, we want to take a look at the charts. Now. S o is one that’s certainly not been immune to the broader market sell off. But we’re coming into an area where I think that we could potentially bounce or at a bare minimum have a reaction. Now, if you look at this chart, you can see on the weekly chart here on the left daily on the right, look at this weekly chart, we’re coming into an area that we haven’t seen since November of 2021. In fact, we’ve recently just filled that gap, we had a gap here, and we’ve come in fill that gap. And now we’re coming here down into this level. Now, whether or not this level will hold is anybody’s guess, it’s largely going to be dependent if we continue to have broader market selling. But this is a bit extended a bit overdone. Coming down here from 70 to 63. You can see these last levels that have held nicely rebounded and this is an area that we will look to be a buyer considering the fact that we have all this bullish seasonality. So I’m going to watch this one for a few days to see how we react here at this level with likely would probably not be surprised to see the market come down and penetrate a little bit deeper into this area, perhaps down to the 6162 area. But if I see any signs of a bottoming formation that could come through a variety of ways. I will look to be a potential buyer in so that could be via bull put credit spreads or call or call debit spreads. Or you can of course buy the stock now there’s a there is a reason that I’m looking at this level fact I’m going to be doing a presentation on Thursday, February 24 at 12pm. Eastern called Spot the big money moves with this new trading strategy and this strategy continues to hit home run after home run. It’s not complicated. You just need to know what to look for. I’m going to hyperlink you to this page. All you got to do is click the orange button to register the event is free. I look forward to seeing you there.