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Sonos (SONO) Shares Setting Up for Return to 52-Week Highs

by | Jul 4, 2021

Sonos (SONO) shares setting up well in a small flag above its 8- and 21-EMA with a wedge breakout above $36 positioning for a run back at recent highs. SONO looks ready to run with RSI back above 55 and MACD near a bull cross while TTM squeeze poised to breakout on the daily. Initial resistance above is at a high-volume node around $37 while $41.30 a notable area above. SONO is a leader in sound experience products and positioned well amid emerging trends and consumer spending. SONO has seen a lot of bullish flow recently including buyers of 3,300 October $35 calls on 6/28 and 4,000 September $40 calls in late June.

Trade to Consider: Long the SONO August $40 Calls for $1.55 or Better

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