RIOT - GETTING READY FOR A RALLY

RIOT has been beaten down pretty bad and had a pullback as far as 33.30 area which was a -58% pullback! There's a major support at the 34.20 level which would've been a perfect entry but I think there's more room for this to move. We are also forming a ttm squeeze on the 4hr and it looks like it's setting up the same way it did when it had a pullback back in March 9th. It's hard to time a perfect entry but I think this is a good starter position in this level having that we've identified a good support level which can identify the risk and I've set targets for taking profit.

A couple catalyst to watch out for:
- April 28th-29th: Pres. Biden + Fed Chair. Powell speaking regarding the fed reserve policy as well as a follow up to the capital gain tax.
- May 17th: ER


Contract Suggestions:

RIOT 5/21 55C @ 1.57
or
RIOT 5/21 60C @ 1.07

Average down areas:
- $39 (gap fill area)
- $34 (major support)

Stop loss: Below 33.50

RIOT