Swing Trade Idea – (QRVO) – October 14, 2020
Our bullish trade for Wednesday, October 14th is QRVO (Qorvo Inc). QRVO is part of the Technology Sector (XLK). XLK has experienced a 6.4% gain in the last month and its 1M and 6M trends turned bullish on September 29th.
QRVO has recently pulled back to an area of support providing a good risk/reward for a long position and its 1M and 6M trends turned bullish on September 29th. With a technical score of 9 (out of 10), QRVO is a very strong stock that will likely continue higher.
As a stop loss, if QRVO were to trade below $130 for multiple days, this would invalidate our analysis and we would focus on cutting losses on the trade. We would also consider cutting losses on this options trade if the value of the vertical spread moves below $8.20.
