Square Looks To Break Out, Options Traders Front Run A Move

Benzinga2021-06-29

Delano Saporu recommended Square Inc on CNBC’s “Fast Money Final Trades” on Monday morning. Square’s stock reversed course and headed 30% north after creating a double bottom pattern on May 13 and 19 ...

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Comments

TLP
2021-06-29
TLP
Up up up!
- PS153:
  Let's Kaching...
PatSze98
2021-06-29
PatSze98
Good
- PatSze98:
  Good
wptang1
2021-06-29
wptang1
Wow
Jasonc13
2021-06-29
Jasonc13
[看漲]
- Deonc:
  yes, raise.
crtyn
2021-06-29
crtyn
Like and comment, thanks
- 迈向财富自由:
  Ok
rhengheng
2021-06-29
rhengheng
Wow
- SereneGarlic:
  yes

Leave a comment

131

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On Monday the stock was printing a bullish engulfing candlestick indicating higher prices may come in the short term.\nBulls will want to see Square clear resistance at the $249 level and for bullish volume to come in and give the break continued upwards momentum for a move back toward the $260 mark.\nOn Monday a number of options traders decided to front run the anticipated move and purchased over $1.73 million worth of call contracts. The call options mostly had a strike price of $250 and one had a $260 strike. This indicates these options traders believe Square is headed towards its next resistance level.\nWhy It’s Important:When a sweep order occurs, it indicates the trader wanted to get into a position quickly and is anticipating an imminent large move in stock price. A sweeper pays the market price for the call or put option instead of placing a bid, which sweeps the order book of multiple exchanges to fill the order immediately.\nThese types of call option orders are usually made by institutions, and retail investors can find watching for sweepers useful because it indicates “smart money” has entered into a position.\nThe Square Option Trades:Below is a look at the notable options alerts, courtesy ofBenzinga Pro:\n\nAt 12:13 p.m., Monday a trader executed a call sweep near the ask of 429 Square options with a strike price of $260 expiring on Aug. 20. The trade represented a $471,900 bullish bet for which the trader paid $11 per option contract.\nAt 12:13 p.m., a trader executed a call sweep near the ask of 2167 Square options with a strike price of $250 expiring on July 2. 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