Red-Hot Crocs Stock Has Room to Run

CROX could make a run at $150 sooner rather than later

Apr 18, 2023 at 1:41 PM
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Footwear stock Crocs, Inc (NASDAQ:CROX) recently broke out of a tringle pattern on the charts and pushed above the $129-$130 range resistance zone. The equity also found support at its year-to-date anchored volume weighted average price (AVWAP) level. Adding to this bullish technical setup, CROX is trading above its +20% year-to-date breakeven level, and recently neared two historically bullish trendlines -- the 20- and 50-day moving averages.

Going forward, the 125- and 128-strike put build could be supportive. The equity recently traded through the 130-strike call level that capped price action, with potential for price to target large overhead call strike levels at 150 or even 190.
 
An unwinding of pessimism in the options pits could create even more tailwinds. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Crocs stock sports a 50-day put/call volume ratio that ranks higher than 94% of annual readings.

Those looking to speculate with options can do so for a bargain right now. CROX's Schaeffer's Volatility Index (SVI) of 42% stands at the bottom of readings from the past 12 months, meaning options traders are pricing in extremely low volatility expectations at the moment. Our recommended June call has a leverage ratio of 5.2, and will double on a 19.3% pop in the underlying equity.
 
Subscribers to Schaeffer's Weekend Trader options recommendation service received this CROX 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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