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Swing Trade Idea (SONY) – April 30, 2024

Our bullish trade for Tuesday, April 30th is Sony Group Corporation ADR (SONY). SONY is part of the Technology Sector, which traded at -3.64% over the last month, with SONY performing at -3.21% over the same period.

As equities bounced off recent lows, SONY as well as its corresponding sector, the Technology Sector, also found support and is aiming for further highs. SONY bounced off an area of support at $80, which has been respected as a key area for almost two years. Playing a Credit Spread on this bounce will secure a 40% Premium/Width, which is an excellent risk/reward ratio.

As a close, if SONY were to trade below $80 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 $2.80.