Growing Convenience Company Becoming More than Just a COVID Play
DoorDash (DASH) setting up well on the daily timeframe with shares flagging in a narrow range above VWAP from the recent lows and looking for a move above $195.50 and through a high-volume shelf. DASH has been strong off the May lows and poised for a continuation higher with the 8- and 21-EMA supportive below. A breakout has room to run with an untested VPOC from January/February up at $201 and a high-volume node and the top of that value range at $215. DASH has seen some large near-term flows lately including buyers of 4,350 September $190 calls on 8/27 for over $3M. The Sept. $185 calls also have 4,450 in open interest from 8/20, a more than $5M buy, and the February options also seeing some notable buying.
Trade to Consider: Long the DASH October $200 Calls for $9 or Better