Long to $65
SMCI has been extremely volatile lately, which is great for options sellers. Recent news suggests no financial improprieties occurred and the company is searching for a new Chief Financial Officer. Also, the stock recently completed a 10/1 split. Nevertheless, here are the weekly technicals:
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- Bullish RSI (recently recovered from being oversold)
- Bullish BAT harmonic pattern with a $64 target
- Latest Heikin Ashi candles have no bottom tails, indicating a strong upside trend
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Note
If we close below $30, abandon this trade.
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