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Trade Idea in Leading Social Media Company Consolidating After Blowout Earnings

by | Aug 21, 2021

Snap (SNAP) shares filling the earnings gap last week and basing nicely above the $70 level with the 8- and 21-EMA coiled just above at $73. A breakout higher above $73.50 has room back to $77.50 and the post-earnings resistance and broader breakout targets $90. SNAP has seen a lot of bullish flow including buyers of 15,000 September 3rd (W) $82 calls, 14,000 September $75 calls, and over 9,500 November $75 calls. The October and December $75 calls also with size buyers while put sellers active in the October $70 and $65 strikes.

Trade to Consider: Long the SNAP October $80 Calls for $2.65

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