+ Broke out earlier this week on very high volume
+ Prices retraced back towards the rising 5ema
+ Broke-out again with but on very low volume
- upper shadow on Friday's bar
- the range of sideway move over the past few days were a bit too wide, subject to volatility (& chopped) even if successful break-out ...
Buy 100 Shares at 3.23
Sell Oct 21st 4 call
2.83 db at the mid (i.e., 2.83 is your cost basis in the shares)
Max Profit: $117 (if called away at 4)
ROC: 41% ROC
Notes: A good spot to initiate this here, given a bit of horizontal support.
With Array Biopharma earnings this week, the chance of another short squeeze increases, but so does your risk. Golden Cross on Daily, positive divergence on MACD, riding the upper Bollinger Band as of 8/2. My $ARRY upside target is $5.47 NASDAQ:ARRY