Swing Trade Idea (QRVO) – October 26, 2021
Our bearish trade for Tuesday, October 26th is Qorvo Inc (QRVO). QRVO is part of the Technology Sector (XLK). XLK has experienced a 1.2% gain in the last month.
QRVO is on a strong bearish trend and recently rallied back to $170 providing a good risk/reward for a bearish entry. With a technical score of 2 (out of 10), QRVO is a very weak stock that will likely move lower.
At a close, if QRVO were to trade above $170 for multiple days, this would invalidate our analysis and we would focus on cutting losses on the trade. We also would consider cutting losses on this options trade if the value of the vertical spread moves above $6.80.