We looked at Insulet (PODD) a few weeks ago as it was a bit over bought and while it took a bit longer to correct than we expected, it did come down and provide some nice put trades. Since then it has found a bottom and is setting up another move. Take a look at the chart.
The last drop may have actually been a bit oversold and this bouncing could be setting up another trade. It just pulled up above its 10 day moving average and is setting up a solid bullish MACD Crossover. If it continues above the 200 day it is a solid buy signal. With the movement we have seen lately the recent high may be optimistic but a climb to around 300 is doable.
This sets up a potential call trade with a 300 strike. When you can get the feel for a certain stock's personality it can be a bit easier to spot moves like this early, We will keep an eye on it and see how it does,
Keep learning and trade wisely,
John Boyer
Editor
Market Wealth Daily
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