SoundHound AI $SOUN is working its way up the right-hand side of a massive rounding bottom formation.

This pattern appeared to resolve higher with authority in Q1 as SOUN rallied roughly 500% in a little over a month.

However, it has spent the last 6 months coiling in a wide-ranged symmetrical triangle pattern, right around the base breakout zone.

Price is currently sitting in a roughly 50% drawdown from the March highs, but this $5 level is a big one. It not only coincides with a critical polarity zone at the Q1 and Q2 highs from last year, but it is also where the AVWAP from the IPO comes into play.

After breaking out of a decade-long base in 2022, Exxon Mobil Corp $XOM has been consolidating in a well-defined range above a shelf of former highs.

Price is flirting with the upper bounds of the range as buyers absorb the overhead supply at this critical resistance zone.

Here's the chart:

Rocket Companies $RKT has surged to the upside, resulting in our RKT 9/20 $20 calls doubling in value!

The contract traded at over $1 yesterday, giving us an excellent opportunity to sell half the position, effectively reducing the cost basis to zero. 

*** The calls are currently trading around 0.80 at the time of this note. Depending on ones entry price, we want to enter limit orders to take ½ the position off at a double (if have not already done so). ***

We aim to secure profits like this as quickly as possible, and then enjoy a "free ride" with the remaining calls.

This approach embodies the core of the breakout multiplier strategy.