Bears Cashed In on Harley Davidson Stock's Ride Lower

The equity is now down 21.4% for 2023

Digital Content Manager
Aug 18, 2023 at 10:22 AM
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Schaeffer's Options Advisor subscribers saw a 100% profit with our Harley-Davidson Inc (NYSE:HOG) November 39 put in less than a month. Let's dig deeper into the logic behind this trade to understand how investors successfully doubled their money. 

At the time of our recommendation on July 28, Harley-Davidson stock was fresh off a quarterly earnings miss. While shares rallied, their intraday reaction came in at the 40-strike and saw heavy call open interest. Plus, the downward sloping 200-day moving average was overhead, and the equity carried a 38.2% Fibonacci retracement of its 2023 closing high and low.

The stock also showed extremely weak price action, and was down 10% year-to-date. Yet, short interest hovered near multi-year lows, making it a prime entry point for bears.

Shares continued to fall in the subsequent weeks with help from multiple analysts cutting their target prices, and now carry a 21.4% deficit for 2023. Though HOG was last seen up 0.2% to trade at $32.79, our subscribers closed their positions yesterday, which allowed them to cash in on Harley-Davidson stock's  full ride down the charts.

HOG 200 Day

 

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