Retailer Ripe for Continued Success

From March through November, short interest doubled to a 15-month high

Jan 25, 2024 at 11:36 AM
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Subscribers to Schaeffer's Weekend Trader options recommendation service received this TJX 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.

After an early-January pullback to its 20-day moving average, TJX Companies Inc (NYSE:TJX) stock just hit a fresh record high after completing a bullish cup-and-handle pattern on the daily chart. With this technical support in place, now looks like a good time to weigh in on the retail giant with calls.
 
The shares have been testing support around $93.50, which is home to their September 2022 peak. Plus, on the monthly chart, TJX last month broke out above a trendline connecting higher highs since 2013.
 
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From March through November, short interest doubled to a 15-month high. Since then, shorts have slowly been covering, and the recent breakout might induce more covering activity as these shorts are now underwater. Furthermore, per TradeAlert data, put open interest (OI) now exceeds call open interest.

 
Our recommended call has a leverage ratio 11, and will double on a 9.3% pop in the underlying shares.

 

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