Swing Trade Idea (SYM) – September 3, 2024
Our bullish trade for Tuesday, September 3rd is Symbotic Inc (SYM) SYM is part of the Technology Sector, which performed at 4.60% over the last month with SYM underperforming relative to its sector at -21.98% over the same period.
SYM has been bearish since early 2024 and has traded into an area of support that is between $19 and $20 suggesting that a bounce off this level is likely. On a fundamental level, projected revenue growth for the coming 12 months makes this stock a favorable buy. We recommend playing a bullish Credit Spread that will generate 42% Premium/Width, which is an excellent return.
As a close, if SYM were to trade below $19 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 $2.24.
