Swing Trade Idea (SONY) – May 16, 2024
Our bullish trade for Thursday, May 16th is Sony Group Corporation ADR (SONY). SONY is part of the Consumer Staples Sector, which has performed at 5.73% over the last month, with SONY performing at 0.61% over the same period.
SONY gained upside momentum after a bounce above $80. With its corresponding sector performing well, and with upside potential, at least toward the next area of resistance at $88, we believe that SONY will continue this bounce, also in unison with the overall equity market after yesterday’s CPI print which have a positive affect on most equities.
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 $3.56 Debit.
