MasterCard (MA) broke out of its several month long trading range last week. Earnings to be reported prior to Wednesday's open (5/2). Looking for a selloff back into the range and find support against the lower trendline. Will try to keep the short strike below the 50-day sma at 426 in this case.
Other scenario is for a gap up and then plan to use the upper trendline (which was formerly resistance) to act as support now. Will then be looking at short strikes around 440, depending on the premium.
For another idea, check out my buddy Mark_Lexus's blog post
here.
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