Options up over 53% in just 3 days

CVNA Options 6/10/24 near $1.80 – 3 days later $2.76 = 53% 

My Trade Plan Details:

• CVNA June 21 $120 calls near $1.80
  
• Stop: Close CVNA below $105
• Target 1: $115
• Target 2: $125

My Reasoning:

I have had great success with this in the past, and it just got a fresh analyst upgrade this morning, which is helping boost the price a bit in pre-market trading (though I could care less about what analysts say!).

It has a great chart pattern right now and a very sizeable short position, which I think could help get it on the radar of many traders who are piling in stocks with “short squeeze” potential after seeing how GME has reacted lately.

My Bullseye pick that I want to buy this week is (CVNA) calls.

My plan is to get started near the open today and buy both stock and options, hopefully near my target entry price I list below.

If this trade doesn’t work out for me, I will look at a closing price under $205 as my stop loss, which has been a key support level over the last couple of weeks.

If things go my way, I think CVNA could trade back up to $115 relatively soon, and $125 as target #2.  That would put it within spitting distance of a new all-time high as well, and I would not rule that out.

My goal is always to try to take a lot of my position off the table when I get to the 30-50% profit level. It doesn’t matter if it happens in minutes or days for me. 

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