Analytics Stock Ripe for Options Bulls

Short-covering tailwinds are also possible

May 21, 2019 at 10:26 AM
facebook X logo linkedin

The shares of data analytics firm Alteryx Inc (NYSE:AYX) have outperformed over the long run, and could be giving bulls an entry point for their next leg higher. Specifically, AYX just bounced from double-barreled support at the 40-day moving average and $85 price point, the latter representing the stock’s takeoff point for a rally in early May.


Potentially opening up the path for fresh highs from Alteryx is the expiration of large chunks of call open interest at the 90 and 100 strikes in the coming weeks. Other data from the options pits paints a bullish picture, as well, with the Schaeffer’s gamma-weighted put/call open interest ratio (SOIR) coming in at 0.55. Previous rises above 0.5 in this reading haven preceded stock rallies for AYX.

Lastly, short interest is also elevated, representing 12.6% of the float, so short-covering tailwinds are possible.

Subscribers to Schaeffer's Weekend Trader options recommendation service received this AYX commentary on Sunday night, along with a detailed options trade recommendation -- including complete entry and exit parameters. Learn more about why Weekend Trader is one of our most popular options trading services.



How to collect 1 dividend check every day for LIFE

Did you know you could collect 1 dividend check every day the market is open? You could also do it starting with just $605! For me, I'm collecting 70 dividend checks every quarter…which averages around 1.1 dividend checks every business day. There's no trading behind this... no penny stocks or high-risk investments. All you do is buy and hold and you're set. There's no set up required either. If you start buying the dividend stocks I show you today... you could collect 1 dividend per day starting as early as this week. Click here for all the details.