SPOT – Your Bullseye Pick of the Week - Bullseye Pick of the Week

Stock up 5%

My Trade Plan Details:

  • SPOT July 7 2023 $160 call near $2.60
  • Stop: Close below $152
  • Target 1: $164
  • Target 2: $168

My Reasoning:

This stock once again made it onto my “top 5” for the week, and as I dug deeper, I can see that nothing has changed sincethe last time.  The stock is stronger, and a little higher priced, but still in a massive bull trend higher.

This week’s top idea is, once again – Spotify (SPOT)

My plan for SPOT is to make two purchases this week. I want to get started on a half-sized position today, somewhere near my target entry price.

It is important to see if the stock can break out of the existing channel. A closing price above $159 would really get me excited.

I also want to add to this later in the week.  I’ll let you know what my plans are as the week progresses.

If this trade doesn’t work out, I will stop out if SPOT closes under $152, which has been a crucial support level in the recent upward move.

If things work out my way, I plan to take profits around $164 & $168 as my upside targets.

Note that I am going with a shorter-dated contract this week, so this trade will be a little more volatile for me – either in a good (or bad ) way!