MA are currently hovering between reaction and rally, and could go either way. If the price heads up above 320, then the uptrend that ended on 19/2/20 at 344 could be resumed. If it falls below 280, then a downtrend will begin. Although there may be support around 270 (based on the prices between Sept and Oct last year), I will watch to see if this is in danger. If it is, then 220 could be next - over a three month period. Of the two scenarios, I consider this more likely in the current environment. My preferred trades would be a long put 3 months out with a strike around 250 or a debit put spread close to the money, same expiry.