Swing Trade Idea (MARA) – June 29, 2023
OptionsPlay’s bullish trade for Thursday, June 29th is Marathon Digital Holdings Inc. (MARA). MARA is part of the Technology Sector, which has performed at -3.68% over the last month, with MARA overperforming relative to its sector at 47.37% over the same period.
MARA is recovering from previous lows and both the 1M and 6M trends are bullish with a Relative Strength of 10 (out of 10). As it recently broke above a key level of $12, and found support at this mark, we believe that this bullish trend will continue over the duration of this trade.
As a stop loss, if MARA were to trade below $12 for multiple days, this would invalidate our analysis and we will consider cutting losses on the trade. We will also consider cutting losses on this options trade if the value of the vertical spread moves above $3.88.
