$FL Foot Locker Holding Support - $12M Bullish Options Bet

FL Foot Locker has tagged and held the uptrend line several times in the last month while forming into a rough pennant pattern. We could remain in this pattern up into earnings in mid-November. I'm expecting an eventual breakout to the upside with a medium term target of $59 and longer term target of $68 by January.

Adding to the bullish sentiment, we saw about 5k deep in-the-money Jan'19 call options traded today for a total premium of about 12.5M - a very bullish bet for a stock which has seen some very volatile post-earnings movements in the last year.


Note: Informational analysis, not investment advice.