Just a couple days ago we spotted a great set up in EVGO, an electric vehicle charging company that exploded to the upside. (take a look at the article here.) The indicator we used that gave us the heads up has repeatedly been handing over these types of picks.
When we looked at EVGO, it had recently set up a Bullish MACD Crossover but also showed another confirmation.
The confirming sign on the chart above is the move above the 50 day moving average right after the bullish crossover. Add to that the context of this stock being in a fast growing business space and you have the pieces of a good trade. When we spotted the set up EVGO was at 4.37. Within just a couple days it spiked to as high as 6 before settling back to 5.17. The September call options with a strike at 6 shot up nearly 5x before settling back to just 3x. A great example of how options can make a good trade a whole lot better. And we don’t think this is doing going up yet.
We’ll keep an eye on it and keep you posted.
Market Wealth Daily