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Bullish Setup in Top Platform for Luxury Fashion

by | Aug 1, 2021

FarFetch (FTCH) shares setting up well for a continuation breakout higher with a bullish 8/21 EMA cross late last week and MACD crossing over bullish too. Shares cleared a small wedge late last week after pulling back to VWAP from the May lows and above $52.20 has a volume gap to fill back to $58.50. Longer-term, FTCH pulled back to the 50% retracement of the big rally in 2020 and the recent multi-month inverted head and shoulders targets a run back to recent highs near $70. Options flow has been bullish as well with buyers in the August $50 calls last week while the August $60 calls also have over 9,500 in OI and the August $65 calls have 5500 in OI.

Trade to consider: Long the FTCH August $55 Calls for $1.90

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