FriscoTrades

$ELY Bullish Chart

Long
NYSE:ELY   Callaway Golf Company
Opened Bull Risk Reversals on ELY , chart looks bullish in my opinion. I sold the $20 put and bought the $30 call JAN opex

MACD cross, RSI curl, EMA curl , back above the 22 resistance/support line with good buy volume .

I like the R/R here on the long side, another idea would be to open bullish put credit spreads or go long naked calls. Give it some time I don' t expect a straight line up, great long term common share add too IMO with Top Golf printing money for ELY as they expand locations.

$26.5 first PT
Comment: ELY has yet to put in a close of lower low, but I may have been a tad early trading below the S/R line ... bears in control

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