Cigna Stock Ready to Bounce Off Bullish Trendline

Now looks like the right time to speculate with options

Digital Content Manager
May 15, 2024 at 2:43 PM
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Though Cigna Group (NYSE:CI) stock was last seen down 1% to trade at $343.11, it's not too far removed from its March 28, record high of $365.71, and sports a 34.6% year-over-year lead. What's more, shares look ready to rally once again, thanks to a trendline that has historically preceded sharp moves higher.

Cigna stock's recent pullback placed it within striking distance of its 80-day moving average. According to Schaeffer's Senior Quantitative Analyst Rocky White's data, CI flashed eight similar signals during the last three years, defined for this study as having traded north of this trendline 80% of the time in the past two months, and in eight of the past 10 trading days.

CI 80 Day

Just one month later after 88% of those instances, the equity was higher, averaging a 6.1% pop. A comparable move from its current perch would place CI back above $364.
 
Now also looks like an opportune time to speculate on the equity's next moves using options. This is per the stock's Schaeffer's Volatility Index (SVI) of 29% that ranks in the relatively low 16th percentile of annual readings, indicating options traders are pricing in lower-than-usual volatility expectations.
 

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