Spotting strong momentum can be the key to unlock a stream of lucrative trades. If a stock is pushing hard it makes it easier to set up rich options trades as that move drives on. We spotted some solid momentum in IDRV not to long ago and it has landed on a bullseye.
This ETF is a solid player in the electric vehicle space and makes it easy to grab a piece of the EV boom. We pegged 42 as a target and after a quick pullback it has hit exactly where we were aiming. IDRV does have a tendency to get a little bouncy so it is definitely worth paying a little more for a longer term option to make sure yo have time for that move to play out.
At this point we would be looking for IDRV to continue the climb and watch closely for signs of a reversal, like a move below the 10 day moving average. Until then, we will just take advantage of the wind in IDRV’s sails.
Keep learning and trade wisely,
Market Wealth Daily