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Specialty Retailer in Strong Trend Sets up High Tight Bull Flag

by | Oct 21, 2024

Boot Barn (BOOT) shares of the specialty retailer are continuing to trade strong after a stellar year thus far up over 115% year to date and now have spent the last month forming a high tight bull flag near 165 as earnings approach on 10/30 next week. Many retail stocks look quite strong into the typical holiday shopping season and BOOT still has 650 November $145 ITM calls in open interest which are up big since being bought on 5/20. BOOT is seeing double-digit sales growth estimated for the next 3 years as the growth story now pushing the stock above a $5B market cap and short interest has come down to 8.4% from an early year high near 17% as the shorts continue to have to cover.

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