We are at the bottom of this range.
This bottom also corresponds to the long term support line, visible on weekly chart below.
Stock downgraded this morning by Credit Suisse but fails to break the support.
Believe most bad news is in the price.
Short interest on the stock is significant: 23% of float - Makes short squeeze probable on any marginally good news.
Consensus is a BUY with target price at 69.
Looking at a break above the 59 resistance.
Stop loss 54
1. Dec 16 maturity --> Buy call $59 / Sell put $54 = -$0.51/share (indicative) = 0.89% cost
2. Jan 20 maturity --> Buy call $59 / Sell put $54 = -$0.56/share (indicative) = 0.98% cost
- Assuming a long position at 60
- Assuming all put premia cashed in
- Assuming calls exercised