NEW DIRECTIONAL CALL PLAYS
Snap On Inc. - SNA - close: 70.02 change: +0.11
Stop Loss: 69.65
Current Option Gain/Loss: Unopened
Time Frame: 3 to 4 weeks
New Positions: Yes, see below
Why We Like It:
SNA has managed to hold on to recent gains. The stock is hovering just under its all-time highs set in late July around the $70.85 level. If SNA can breakout shares could easily make a run towards $75 or higher. The P&F chart is bullish and forecasting a $79 target.
I am suggesting we open small bullish positions if SNA can trade at $71.00. We'll use a stop under today's low. Our target is $74.90. More aggressive traders could aim higher.
Trigger @ $71.00
- Suggested Positions -
buy the Sep $70 call (SNA1222i70) current ask $1.85
Entry on August xx at $ xx.xx
Average Daily Volume = 390 thousand
Listed on August 21, 2012