$SGMS Looking oversold and due to bounce after a healthy 50% retrace of recent run up. After crushing earnings last month and seeing a moderate pullback recently...I think this stock is primed to resume its ascent. Targeting $32.00-$34.00 range by late April / early May.
If I was looking to play this with options...calls are looking fairly cheap OTM so I don't...
Biggest sporting season is around the corner. My home state has legalized sports betting. This is a multi-billion dollar business and not sure what else is needed. Demand is high. Quadruple bottom (see it). Eyeing some long dated calls.
It has been a few months in a little sideway trend and finally broken up over it, after all, it has also tested it as support.
It shouts it will get higher, people took their winnings. 47.70 (Fibonacci extension 1.618)
Something I've also noticed that it also respects Support / resistance.
It is currently on a resistance level, I think it will continue.
Long opportunity is a 2 - 1 risk/reward/high probability trade.
30% upside in the stock
At the 26 - 32 level we will reach a potential shoulder of resistance. While the time frame is monthly, I don't forsee this taking very long to develop. Could easily see profit in a few weeks, maybe less.