Electronic Arts (EA)

Apr 5, 2021Trade Ideas

Late last Thursday, we highlighted opportunity in Qualcomm (QCOM).

“Excessively oversold, Qualcomm (QCOM) is bouncing from double bottom support around $126.93, and could potentially refill its bearish gap around $160. With the current chip shortage, the 5G story, and news that U.S. antitrust officials won’t pursue charges against the company, QCOM is just beginning to recover,” we noted.

Along with that, we said investors could buy the stock up to $140 and the QCOM May 21, 2021 140 calls. Today, the QCOM stock is up another $2.56 to $140.35, and could retest $150 soon.

As for new opportunities, take a look at Electronic Arts (EA).

With video game demand still on the up and up, EA has just begun to push higher. After finding triple bottom support around $128, the stock is back above its 50-day moving average round $138. From here, we’d like to see a test of prior resistance around $150.

Investors can buy the stock up to $143. We have an initial price target of $150. Set a stop loss at $134. And, or buy to open the EA May 21, 2021 145 calls at market.

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