Analytics Stock Ripe for Options Bulls

Short-covering tailwinds are also possible

by Research Dept.

Published on May 21, 2019 at 10:26 AM

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.

190517ayx

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.

From Schaeffer's Pro Traders
Trade Weekly Options Like a Pro

Direct from our Schaeffer's traders, your FREE guide to profiting with weeklies!


 
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


Choosing the Right Online Broker
Click to continue to advertiser's site.
3 Penny Stocks Making Huge Moves Higher
Three stocks under $5 making notable moves
Analysts Slam CSX With Bear Notes After Earnings
CSX blamed trade conditions for its second-quarter earnings and revenue miss
Choosing the Right Online Broker
Click to continue to advertiser's site.