IOT calls – Your Bullseye Pick of the Week - Bullseye Pick of the Week
My Trade Plan Details:
- IOT Jan 12, 2024 $35 calls near $1.20
- Stop: Close under $32.50
- Target 1: $37
- Target 2: $40
This is one of the strongest stocks in the entire market right now, and they just delivered outstanding results around a month ago. This leads me to believe that funds will continue to pile into this stock and could drive the price even higher by the end of this week so they can make sure it is on their books.
As I look at the stock chart, it has digested the big move after the last earnings announcement, and has started to creep higher once again.
We had the “fakeout breakout” a few days ago, and that gives me more confidence that we could see a further rally from this level.
My Bullseye pick this week is to buy Samsara (IOT) calls.
Today, my plan is to open up a new position with IOT calls, hopefully near my target entry price. I am not too worried about getting the exact price, but I want to be close to my target entry.
Note that I am going a little longer out on expiration with this trade for around 3 weeks. That is because this is a stock that could have nice “January Effect” inflows next week, plus this is a shorter trading week than usual. I want to give myself a little more time on the trade for it to work out if needed.