Though the rocket has ignition, it has not blasted off yet…
As can be seen, ENPH’s 10 day, 30 minute interval chart looks almost perfect picture cup and handle pattern!
Note: the “cup and handle” pattern, was first identified by William (Bill) O’Neill, the brilliant founder of the respected Investor’s Business Daily newspaper. This pattern is usually a pre-cursor to a powerful up move…Bill’s preferred cup and handles is formed in the stock’s weekly chart, with the handle part alone being at least 8 weekly candles long…and sloping slightly downwards. However, I have found that this pattern can also develop in shorter time periods and be just as profitable…
I believe ENPH stock is getting ready to breakout…
As posted here, I bought 2 contracts at the open of ENPH December 15, 2023 Strike Price: $95
And when the stock printed $98.43, I added to my position using almost all of the $4,818.48 cash I had available.
I ended up buying 8 contracts at an average price of $4.90
Cost of trade: 8 contracts x $4.90 = $3,920 + $5.20 (commission) = $3,925.20
Available Cash: $4,818.48 – $3,925.20 = $893.28
I expect ENPH to print $99 and then $100, and break out of the 2 double-tops resistances on its PnF chart and head towards my $115-$120 price target. Need to raise cash buy selling my QCOM call options so that I can add more ENPH options.
Based on the above, I will exit out of my QCOM February 16. 2024, $140 calls. At 78, QCOM’s RSI is in overbought territory and I will sell all 10 call contracts, book whatever small profit or loss I may have from this trade and add to my ENPH position.
Best~
karim
DISCLAIMER: I am not a licensed broker or securities dealer. All postings made here are strictly for my personal record keeping and in no way, shape or form, am I even remotely suggesting others to follow my Buy and Sell moves. Trading options is not for the faint of heart as one’s portfolio can move up, or down 10%-50% or more during a single trading day, so trade with extreme caution. Past performance is no guarantee of future results.
Full Disclosure: I own options in the stocks of companies mentioned in my posts.
One Response
Great Call on ENPH – that was a quick print of your $100 Prediction and it’s nice that it held 100 for the weekly close. let’s go!
Option Volume picking up.
Hmmmm! 🤔 🧐