RIOT support zone 19 hit

Support zone: close above is a hit. Close on the level is a push. Graded on the regular-session close.

A support zone is a price below the market where a large amount of options positioning sits. The idea is that this positioning can slow a move down there, so the test is simple: does the stock close above it? When it was posted at 10:25 ET, RIOT traded at 19.01, 0.1% above the support zone. On the same map, the next level above was 24 and the next level below was 16. See the original post.

Price traded through the support zone during the session (first 5-minute close on the wrong side at 11:10 AM ET), with a low of 16.89 and a high of 20.05. In the last hour price moved down 2.58, from 19.47 to 16.89.

The regular-session close was 19.62, 0.62 (3.26%) above the support zone at 19. Under the rule (support zone: close above is a hit), that is a hit.

RIOT finished the day down 2.7%, while SPY was up 0.2%. We found no single clear company-specific catalyst for the day in our notes.