The biomed company that makes continuous glucose monitors to help people manage their diabetes just showed us one of our favorite patterns. They are in the midst of releasing a new version of their device and, while these roll outs often take a while, it seems to be gaining traction.
It had been floating down since last November but just gave us two key signals that show it could be staging a run.
The MACD crossed over at the beginning of this month and we are seeing support forming at the 10 day moving average. It could realistically make a move back above 120.
This types of moves set up some nice opportunities for a call option with a strike at or above the 120 target. The March 120 strikes are at about 2.40 now. We will keep an eye on this one to see where it goes.
Keep learning and trade wisely,
Market Wealth Daily