Will NET Bring Cloud Back To Life?NET NYSE:NET is a riskier play at this moment due to the overall weakness in tech stock and market conditions. But, in comparison to other companies in this sector NET is holding up fairly well and showing some relative strength. NET tried to get over $76 today and failed to hold above. Testing a strong support zone for the third time over the past two months and looks like we may be starting to bounce. Volume has been accumulating with 4 out of the last 6 days trading above NET's daily volume average. POC on the daily chart is right at $82.51 lvl. If SPY/QQQ can start to breakout this week $$ should flow back into the tech stocks and the cloud sector which has taken a solid beating can see some bullish movement. Ideally, we gap up to $78 and form an island reversal. But, a play over $76 with the right market conditions looks primed for a good swing.
EMA's serving as a resistance above in the 78-79 range, tough lvls to get through in the Low Volume Node (LVN)
4/16 $80 calls will be my swing of choice (4.35/4.65). IV is very low 21% IV percentile on NET and if the market starts to move back up these can pay out well!
*I entered a small NET position this week and will add more on break of $76 with volume.