INVZ Innoviz Technologies Buy OpportunityI believe this could be a Premium idea, but let's wait and see how it unfolds:
In March, INVZ saw some unusual out-of-the-money calls valued at over $1 million with a $2.5 strike price, expiring on April 19th.
Upon reviewing the chart, it resembles a double bottom pattern, suggesting a potential price target of $2.85 if a reversal occurs.
Recently, OUST, a rival company, announced record revenue for the fourth quarter and its stock price doubled. Similarly, INVZ reported record revenue and has a partnership with the industry giant Mobileye.
OUST's results underscore the importance of Lidar companies expanding beyond the automotive market.
Lidar technology can serve various purposes, such as enabling cars to navigate highways for adaptive cruise control or assisting humanoid robots in performing basic tasks with AI.
Some of the robots seen at Nvidia's recent event had eyes provided by Ouster lidar, according to Ouster.
Considering these factors, I speculate that the $2.5 calls on INVZ may be linked to a significant upcoming catalyst, possibly even a buyout.
Oust
$OUST possible bump and run reversal bottomIt's not perfect but it may be close. Let's see how it plays out now. I still expect some corrections/check backs if it heads higher, but so far it is playing out nicely.
Disregard the solid diagonal white trend line, not sure what I was trying with that one. Maybe it will be a point of resistance, maybe not.
Relevant fibs of support and resistance also shown.
Two trendlines for the bump and run are drawn (dashed lines) - I'm not quite sure which one is more accurate to be honest.
Had a decent amount of insider buying (IIRC) as well as being driven into the dirt with a low float of ~30M shares...
Still seems undervalued, but what do I know.
Final Notes:
It would be nice to hold $7; if not that, then 6.36 or 5.92. Seems pretty volatile and a potentially good candidate for active trading if you manage risk appropriately.
RSI is turning around on 1hr and lower TF, and it looks like a possible bearish harmonic (crab?) may be on the 15 min.
Looking for possible re-entries around $5-6 if it can retain its upward momentum.
References:
thepatternsite.com
Bulkowski's Encyclopedia of Chart Patterns, Chapter 14.
OUST breaks out of falling wedge and bull flag channelBeen tracking OUST for a long time as it sets up some pretty monster patterns. It appears at the moment that it has broken out of a bull flag channel which pushed sideways from a rather large falling wedge. First targets shown on chart, but this could potentially go up much higher.