Today we are applying a Bear Put on Bank of Queensland Limited (BOQ) which has broken support and continues to look bearish.
BOQ is currently trading at $7.30
BOQ has had a lot of troubles over the past couple of months, devaluing significantly from its highs of $10 back in September. Today shows it continuing the downtrend with a break of key support. We expect selling to continue from here as these problems continue to plague BOQ’s share price.
The Bear Put spread if set up correctly will profit from both bearish and sidewards movement. If we see a sudden drop to the next support at $7.00, we can close the trade for a nice profit, but if it takes its time on the way down, we actually profit for just being the trade.