Long
Hibbet Sports on solid support
Hibbett Sports took a pretty decisive jump after touching its next support level the other day. Hibbett's had a bunch of recent analyst upgrades, and on Friday a single trader bought a huge number of July calls (79K shares) with a price target of 18.65 or better.
Having said all that, Recognia's Elliott Wave analysis of Hibbett suggests it will keep heading downward to 14.92. I don't put a ton of stock in Elliott Wave analysis, but it does seem to have some predictive power.
I may follow the option buyer's trade if I can get a price close to 17.70.
Having said all that, Recognia's Elliott Wave analysis of Hibbett suggests it will keep heading downward to 14.92. I don't put a ton of stock in Elliott Wave analysis, but it does seem to have some predictive power.
I may follow the option buyer's trade if I can get a price close to 17.70.
Note
Hibbett has broken its downtrend and has been on a great run!
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.