SFM long after earnings this week

Aug 2, 2021

I've been following this stock way too much. Great fundamentals, growth, leadership, they are buying back stock... but somehow they've broken the $25 support (maybe they ran out of money to buy back?). At least it looks like that to me. No matter how I slice it I'm having trouble making a bullish case in the short term. However I'm still targeting $28 in the near term. This chart shows how I think it could happen.

If you look back at their earnings in February, the short-term traders took the stock down nearly 5% the day after earnings. Combined with IV crush this would have been the perfect time to buy calls. Then reality set in that this company is making a lot of money, they announced buybacks, and the stock took off. I'm hoping the same thing happens again this week.

Assuming it drops to $23, the .786 retrace is right at $28.

Aug 19, 2021

Trade active

Went long at 23.50, didn't commit enough though. Doji candle and trading above 25 today, closing at 25.03. So that's a good sign. Looking to add to the position soon.

Aug 24, 2021

Note

I expected resistance @ 25. The declining volume could be bullish, perhaps the weak hands are all gone?

Sep 16, 2021

Note

Well the resistance at 25 turned out to be quite strong. New support could be 22 or lower. I'm still very bullish on this company.

Dec 20, 2021

Note

Somehow I managed to miss the strong support at 22 here and missed the whole thing. I am like, how do you say, really bad at this.