Off Radar Stock has Nice Setup for pre-ER Calls

Everyone is talking about "big tech" and some of those stocks (like GOOGL) will make a good move post-ER but their option prices are too elevated for a long position. So here we have a nice chart in Spotify, which reports before market open on Wednesday.

Quick chart notes:
> After dropping about $100 (from 365 to 265) and consolidating, price went down another $100 (from 210 to 110)
> White line shows 110 support on weekly chart
> Yellow ovals show bullish divergence has already completed
> Looking at past stochastic dips, I like that %K is so low while %D has come up above 20

I like the risk to reward here, so I bought 20May 150 strike. If stock goes to 120 post-ER and IV drops by 20 I will have a small loss. Price ideally needs to move over 130 before this week ends for me to hold longer, but this plan may change after I see IV change and actual price action.
*** of course, even though the chart shows that 110 is a low-risk area to go long, I am using very little capital because if the stock drops then I will lose most premium.