NVO bounce off 50 ema

Sep 23, 2024

I have been waiting for another flush on NVO for a while, this tap of the 50 EMA should bounce and I bet the stock returns to the momentum trend line (teal). As you will notice the stock rarely stays below the 20EMA and teal trend, let alone riding the 50 EMA. Since this is a weekly chart. You will note a bottoming stochastic RSI.

My plan:

I have already entered 130$ Dec calls. I will add more if we candle body this EMA.
My PT is 129$, then a more optimistic 141$.

Oct 3, 2024

Note

I did take an L on this trade, I tried to exit on the initial weekly wick pump but got too greedy, This stock has lost structure I will post an update.