$SNE Sony at Buy Point - PS5 Launching Nov 12th
SNE Sony appears to be approaching a buy point after bouncing off support at $72.50 recently and forming an island reversal. Monitor for a close above the blue downtrend line (~$76) for confirmation.Two big catalysts coming over the next month:
1) Earnings expected at the end of October
2) PS5 is officially being released on November 12th - just in time for the holiday season
Note on the new PS5 - preorders sold out quickly at all major retailers, including Amazon, Best Buy, Walmart, GameStop, and Target. There's a lot of hype and excitement building for the official launch next month. This will likely give the stock a big boost mid-November in my opinion.
Additionally, we also saw some bullish unusual options activity today:
3.3M of January'21 calls traded ($77.50/$82.50 strikes)
Near term price target: $82-$84 range by mid-November
Note: This is NOT investment advice.
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