Trade Ideas
UOA PRO New Trade Idea CVX 8-5
5,000 07August 202.50 calls bought in one print for 0.06 above open interest of 2,760 contracts. Stock 187.17.
New Trade Idea
Ticker: CVX
Stock: 187.43
Trigger: 186.34
Expiration Date: 07AUG
UOA: 5,000 07August 202.50 calls bought in one print for 0.06 above open interest of 2,760 contracts. Stock 187.17.
CVX $186.67 Last.
Sizeable far OTM calls that have a 2 delta / 2% chance of finishing in the money so treating this as a super-cheap hedge for now. Possible double top flashing here so a modest pullback could develop. If it falls to the 50 and that doesn’t hold, the door for more downside opens.
Trigger: $186.34, yesterday’s low.
Strategy 1: Consider the CVX 07Aug. 187.50 puts for $2.50 projected at trigger level today.
Targets: 184.27, 183.31, 182.68 (50 SMA currently), 181.36, 179.62, 177.80