CROX Big Day Confirms Uptrend
It is easy to write about a long after it gains over 8% in one day, but this CROX breakout was more predictable than most realize. CROX first caught my eye when it bounced nicely off support at the long term uptrend line earlier in the month. I patiently waited for the MACD to begin curling upwards and RSI to be pointing up around the 40 level before I bought ATM calls (see vertical line on the chart). I was not expecting three days of red to follow after a small bounce, but managed to pick up some more calls because it was very close to the trend line, and technicals still pointed to an upwards move in the near term (see red arrow).
Today, CROX broke out gaining over 8%, confirming the direction of the indicators and current uptrend. It now looks as CROX could gain much more in the near term as well. I have a price target of $21 for CROX over the next few weeks, and plan to sell half my position there and let the other half ride, as long as the upswing still looks sustainable.
Today, CROX broke out gaining over 8%, confirming the direction of the indicators and current uptrend. It now looks as CROX could gain much more in the near term as well. I have a price target of $21 for CROX over the next few weeks, and plan to sell half my position there and let the other half ride, as long as the upswing still looks sustainable.
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