CarParts.com (PRTS)
By Thu, Jul 29, 2021
Today’s Chart of the Week comes from our “Follow the Flow” Report, which scans the options market specifically for very large, very aggressive directional bets from institutions.
That report picked out CarParts.com (PRTS).
There’s a big bet here on August 20th calls, but beyond that we’re seeing a nice breakout and good relative strength.
With this big beautiful base, we are long above 20 with a target of 31.
Below 20, we don’t have our breakout so we’re just watching, but above that level we’re in it for 55% profit potential.
Limited risk, high reward, winning trade.
Til next week, good trading,
JC Parets
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About the Author
JC Parets, founder of All Star Charts, specializes in finding the most opportunistic risk vs. reward propositions while at the same time bringing a top/down approach to the marketplace whose wide spectrum is rivaled by few. JC begins with a long-term global macro perspective and then works his way down to the individual sector and industry level before ultimately isolating the stocks that best portray a particular thesis. Price is the most important technical indicator, but JC uses supplements such as Momentum, Relative Strength, and Fibonacci analysis to complete the process.
