Why Call Traders Should Target Winnebago Industries Stock

The equity sports affordably priced premiums

Aug 4, 2021 at 12:04 PM
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The shares of Winnebago Industries, Inc. (NYSE:WGO) recently broke out of a nearly 3-month falling wedge, and have found support at the 320-day moving average -- an area that has produced prolonged bull runs for the equity in the past. Further, after breaking out, the security flagged and found additional support at the +10% year-to-date and $70 levels, with the latter acting as both support and resistance in the past. With these technical layers of support in place, its the perfect time to speculate on WGO with calls.

Short interest, meanwhile, accounts for 10.5% of the stock's available float, and it would take over a week to buy back these bearish bets, at WGO's average pace of trading.

Additional tailwinds could come from a shift of sentiment in the options pits, which currently lean bearish. This is per Winnebago Industries stock's 50-day put/call volume ratio of 1.24 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stands higher than 75% of readings from the past year, indicating a stronger-than-usual penchant for puts.

To boot, WGO premiums are affordably priced at the moment. The stock's Schaeffer's Volatility Index (SVI) of 38% sits in the low 1st percentile of its annual range.

Subscribers to Schaeffer's Weekend Trader options recommendation service received this WGO 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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