Swing Trade Idea (QRVO) 01-27-2021
Our bullish trade for Wednesday, January 27th is Qorvo Inc (QRVO). QRVO is part of the Technology Sector (XLK). XLK has experienced a 4.5% gain in the last month and its 1M and 6M trends are bullish.
QRVO is on a strong bullish trend and recently pulled back to $175 providing a good risk/reward for a long entry. Its 6M trend turned bullish on Nov 4th 2020 and with a technical score of 8 (out of 10), QRVO is a strong stock that will likely move higher.
As a stop loss, if QRVO were to trade below $170 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 above $10.40.
