I discovered MBLY during my weekend research and it appears to check my 2 favorite boxes:
- Insider Buying: One of its directors is none other than Intel’s CEO, Patrick Gelsinger. In the past year, he has purchased $2.72 Million worth of MBLY stock, of which $200,000+ he plowed just 2 weeks ago! Another director who is buying hands over fist is the former senator from Minnesota, Ms. Claire McCaskill. Just 12 days ago, on October 31, 2023, she bought a cool $1M worth of shares on the open market! And this is not her first purchase! A year ago, she invested $860K+ in MBLY stock. There are other insider buying as well! However, I am thinking…Why Claire McCaskill, who spent almost her entire career in public service and whose net-worth, I will hazard to guess, is less than Gelsinger’s, is trying to keep pace with Gelsinger’s buys in MBLY? Why? Remember, insiders sell for many reasons but buy only for one…
2. Technicals: Both its PnF and Candlestick charts, look beautiful!
As can be seen, MBLY broke a triple-top when it printed $38 and is now looking to pierce through its Bearish Resistance Line (Bullish). A print of $39 will take care of that resistance!
On MBLY’s candlestick chart, the price is looking to pierce its 50DMA currently at $37.47 and undoubtedly targeting its 200DMA currently sitting at $39.56
Both the above targets should be met, and surpassed, once MBLY stock breaks its Bearish Resistance Line.
With heavy insider buying and technicals telegraphing an imminent up move, who am I to argue with the tea leaves…
I immediately (first thing in the morning) plan to raise money by selling my 15 contracts in INTC $35 strike call options that expire this week and buy MBLY call options…details to follow…
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.