Swing Trade Idea (QRVO) – April 16, 2021
Our bullish trade for Friday, April 16th is Qorvo Inc (QRVO). QRVO is part of the Technology Sector (XLK). XLK has experienced a 7.11% 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 $189 providing a good risk/reward for a long entry. Its 1M and 6M trends turned bullish on March 26th 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 $1850 for multiple days, this would invalidate our analysis and we would focus on cutting losses on the trade. We also would consider cutting losses on this options trade if the value of the vertical spread moves above $7.60.
