$SEDG Ascending Triangle Breakout, Bullish Put Sale
SEDG SolarEdge broke out today and closed above recent resistance just under $310. Expecting to see a strong follow through move near term heading into earnings.
Unusual Options Activity Today - Bullish Put Sale
8.6M in $200/$220 strike (OTM) March'21 puts traded today (18x OI/5x OI)
In my opinion, this is a great trade because there is strong support around $228. Even if there is a negative earnings reaction in early November, and subsequent drop in price...it's likely to catch support and bounce off this level.
Medium term price target: $400 by year-end (assumes a strong earnings report in early November)
Note: This is NOT investment advice.
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