Despite its Bullish momentum, NYSE:BOX is trading near the bottom of its 52-week range and below its 200-day simple moving average.
NYSE:BOX reached its 1 Month High on the 5th of December, 2023.
Key Fundamental Points
Box Inc 's Revenue slowed to the 6.22% year on year, improvement in the third quarter 2023 to 261 millions, underperforming the 12.5% rise...
Analyzing the options chain and the chart patterns of BOX prior to the earnings report this week,
I would consider purchasing the 35usd strike price Calls with
an expiration date of 2024-6-21,
for a premium of approximately $0.47.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read...
$BOX held up breakout base support (which also is monthly chart support).
Both RS and OBV lines are making new highs and looking strong.
Help up against a bad market with volume drying up (albeit holiday weekend).
Technical Analysis:
1. BOX is holding up well despite the NASDAQ, S&P500 and many tech stocks sell-off for the past 5 trading days
2. Price is above 200 MA, and had a break out at 29.6
3. Average volume is high for the past few days during accumulation
Fundamental:
1. Recent upgrade by Morgan Stanley and JPM
Entry price: 29.60
Stop Loss: 26
Take-Profit Target: 34.77
Notes:
* Steady up trend
* Great earnings track record
* Forming a cup and handle like pattern on the monthly time frame for the past ~4years
* Held up relatively really well while the tech sector was being destroyed
* Currently bouncing off its 200 day line and now its 50 day line
* Also forming an inverse H&S pattern and broke out of it
* Bouncing off its 50...
One of the few tech stocks that showed a constructive pattern on the last few days. Still, this tech bear market gets everything. Might reset later and may buy if general market conditions improve.
*BOX getting closer and closer to New All Time Highs
*Under consolidation since June 2018
*200 DMA holding dips
*Decent earnings and 905 Institutional Ownership
After price-basing for about two years, BOX looks almost ready to break out of its ascending triangle on the weekly time frame. Do you agree? I think ATHs are possible over the next couple of months.
* Exceptional earnings year over year
* Breaking out of its IPO base once again that dates back to 2015 ($24.73)
* High relative strength in the Tech sector
* In a very tight range for the past 3 weeks
* Offering a pocket pivot with in the range just before the breakout
* Maximum probable ROI would 21.65%
Trade Idea :
This is a great time to enter as it's just...
NYSE:BOX
Possible Scenario: LONG
Evidence: Price Action
TP1~ 23.7$.
TP2 ~25
SL ~21.5$ as support
Call options, Strike 25$, 05/21/21 20% Position | Risky Trade more rewards
Call options, Strike 27$, 06/18/21 80% Position |
* This is my idea and could be wrong 100%
