In addition to tonight's new candidate(s), consider these stocks as possible trading ideas and watch list candidates. Some of these stocks may need to see a break past key support or resistance:
EOG, ETN, TSLA, ORLY, SBUX, BEAV, TRIP, TRW, TWC, DOV, ULTI, PSMT, BWLD, PDCE
NEW DIRECTIONAL CALL PLAYS
Chevron Corp. - CVX - close: 121.52 change: +0.30
Stop Loss: 119.75
Target(s): July calls: 126.50, August call: 129.50
Current Option Gain/Loss: Unopened
Time Frame: 3 to 6 weeks
New Positions: Yes, see below
Why We Like It:
CVX is a giant oil and energy company. The stock has spent the last couple of weeks consolidating sideways near the bottom of its bullish trend of higher lows. You could also call it the bottom of what looks like a bullish channel.
We suspect CVX is coiling for a new rally higher as it rebounds off this support. Tonight we're suggesting a trigger to buy calls at $122.25. I'm listing both the July and August calls but I prefer the August strike.
Target $126.50 with the July calls. Target $129.50 with the August calls.
Trigger @ 122.25
- Suggested Positions -
Buy the Jul $125 call (CVX1320G125) current ask $0.91
- or -
Buy the Aug $125 call (CVX1317H125) current ask $1.65
Entry on June -- at $---.--
Average Daily Volume = 6.4 million
Listed on June 18, 2013