Healthcare Stock Pullback Presents Opportunity for Bulls

THC's recent rally hints at underlying technical strength

Apr 12, 2024 at 2:21 PM
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Subscribers to Schaeffer's Weekend Trader options recommendation service received this THC 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.

The shares of Tenet Healthcare Corp (NYSE:THC) recently pulled back to their 25-day moving average, which has been supportive all 2024. The stock is trading above the round $100 level, which represents the $10 billion market cap, and now may be time to speculate with calls, as we anticipate this uptrend will continue.

THC rallied from early February into mid-March despite a 30% increase in short interest, hinting at its underlying technical strength. It would take shorts more than three days to cover their bets, at the equity's average pace of trading.

Our recommended June call has a leverage ratio of 6.2, and will double on a 16.2% jump in the underlying shares.

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