My Trade Plan:
- Stop: Under $20
- Target 1: $28
- Target 2: $30
My Trade #1 (spicy):
- Buy MARA calls
- Expiration: Feb 18 2022
- Strike: $23
- Price: near $2.20
Marathon Digital Holdings Inc. (MARA) - Bullseye Pick of the Week
Marathon Digital Holdings Inc. (MARA)
Original Alert went out on February 07, 2022.
Looking at the stock chart, you can see this has been in a nasty downtrend for the last 3 months.
If you have been watching crypto at all lately you will see that the market has bounced strongly yet the stocks in the sector have lagged.
And looking at the charts even closer, there was a double bottom followed by a pennant breakout to the upside.
These two combo patterns are showing the bulls are here to stay, so therefore, I am betting this will be a “catch up week” for those stocks and MARA could be a leader there.
Now, if I am wrong I think Bitcoin will drop under $36k and MARA will drop under $20. I want to set my stop loss if either of those things happens.
On the upside, I think MARA can trade near $28 on the upside as my first goal and $30 as the 2nd target.
Why are these my target levels?
Those correspond to the upper limits of the Keltner channels right now.
Also, if you are still wondering about some previous Bullseye ideas… I still really like DPZ and DWAC.
I’m not taking these stocks off my radar just because the week is over. Stocks tend to move in waves for several weeks at a time.
Let’s take a look at the chart of MARA
Looking at the chart, these MARA calls traded from around $2.20 and traded to a high of $8.40.
So, now that this trade is almost wrapping up, I’ll be scouring the markets for the next bullseye trade for Monday