EXEL's chart is interesting right now. It has been in a falling wedge since June.
It seemed to flip in July, but broke down again on Monday when it dropped as low as 33.8-ish
But it broke the resistance line fairly easily yesterday and it seems to be bullish once again.
The falling wedge seems like it could break on a decent earnings report - or even before then.
Ideally, I'd like to see it re-test the support that's at about 37. If it holds that level, or breaks the wedge, I'll start looking at options for a trade.
The other reason I like the potential of this trade is the volume gap that sits from about 41 to 44.
The downside to this trade? I'm not sure EXEL's value supports a jump. My 1 year targe on EXEL is about 44. So it's not exactly undervalued.
That said, I like the risk reward of this trade. Call options at the current price (38 strike) for the first available date after the earnings are about $2.25. I'm more likely to buy a call here than buy the stock outright to manage the earnings risk.
We'll see how this plays out over the next week and I'll update.
It seemed to flip in July, but broke down again on Monday when it dropped as low as 33.8-ish
But it broke the resistance line fairly easily yesterday and it seems to be bullish once again.
The falling wedge seems like it could break on a decent earnings report - or even before then.
Ideally, I'd like to see it re-test the support that's at about 37. If it holds that level, or breaks the wedge, I'll start looking at options for a trade.
The other reason I like the potential of this trade is the volume gap that sits from about 41 to 44.
The downside to this trade? I'm not sure EXEL's value supports a jump. My 1 year targe on EXEL is about 44. So it's not exactly undervalued.
That said, I like the risk reward of this trade. Call options at the current price (38 strike) for the first available date after the earnings are about $2.25. I'm more likely to buy a call here than buy the stock outright to manage the earnings risk.
We'll see how this plays out over the next week and I'll update.
Uwaga
We're now above the 20/50/100/200 moving averages. I'm currently looking at my options if we breakout.I'm not loving the volume here, and earnings on the 4th of November is an x-factor. There's a chance I might sell puts rather than just going in on a direct buy.
Uwaga
We've broken the wedge. I'm going to see if it holds above the trendline today, then make a play if it does.
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