My Trade Details:

• BILL June 16 2023 $105 call near $2.50
• Stop: Close below $92
• Target 1: $106
• Target 2: $114

My Reasoning:

BILL was a former “tech darling” stock back when everyone was in a good mood in 2021, as the stock traded around $350 for a while.  When the market sobered up in 2022, BILL traded all the way down to $75, right before the last earnings report.

Now, BILL has been flirting with $100, and I think we are going to see that level taken out very soon and will then provide a level of new support.

My plan is to get started with a half-sized position today, and look to add more to it on a dip this week.

If I am right, I think BILL will have a date with the 200-day moving average soon, which is around $107.  After that, I think $114 could be in play, based on the demand zone.

If I am wrong, then I want to set my stop with a closing price under $92, which is under the recent support level we have seen since the earnings blowout a few weeks ago.