Trade Ideas
UOA PRO New Trade Idea CHWY 7-22
3,400 24July 21.50 calls bought in mostly one print for 0.35-0.36 above open interest of 620 contracts. Stock 21.30-21.33.
New Trade Idea
Ticker: CHWY
Stock: 21.21
Trigger: 21.64
Targets/Resistance: 21.99, 22.27, 22.68, 23.10
Expiration Date: 31JUL
UOA: 3,400 24July 21.50 calls bought in mostly one print for 0.35-0.36 above open interest of 620 contracts. Stock 21.30-21.33.
CHWY $21.31 Last.
Modestly sized front week ATM buy that appears with the stock trying to inch along in a more bullish fashion. It needs to pick up the pace if it is to turn the corner technically as even a small pullback here would send it back into listless status quickly. There’s potential if it can keep the good feeling going though.
Trigger: $21.64, today’s current high.
Strategy 1: Consider the CHWY 31July 20.00 calls for $1.85 projected at trigger level today. Week out ITM Call. Gives what’s normally NOT a Big Mover aka (a grinder) some time to get its act together and push/has delta for payoff on smaller move. Extrinsic very reduced vs. front week ATMs.
Targets: 21.99, 22.27, 22.68, 23.10 (100 SMA currently)