VRNT Verint Systems Options Ahead of EarningsAnalyzing the options chain and the chart patterns of VRNT Verint Systems prior to the earnings report this week,
I would consider purchasing the 30usd strike price Puts with
an expiration date of 2024-5-17,
for a premium of approximately $1.65.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
VRNT
VRNT: Potential BuyWith a great earnings momentum expected to continue backed by positive analyst expectations. Areas plotted to look out for, combined with daily and weekly moving averages to be used as S/R confluences.
Short the 50 Day EMA BacktestVRNT has fallen below the 50 day EMA and is retesting it on low volume and weak volume-based indicators (CMF, MFI, etc); it is a classic short from here with the SPY possibly topping soon.
VRNT Typical bulls' trend formationDuring monthly and local inclined resistance levels' breakouts double bottom with approval have formed and very probable pennant is forming now.
Our recommendation is to buy.
Entry point 34.50 (enter the position only after the break out of top pennant's line)
Stop-loss 33.53 (-1tic 33.54pennant's low)
Take profit 40.00 (according to strong resistance level+Elliot's waves+target sizing approach)
Risk/return ratio 1: 5.67
