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.


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