Hibbett Sports took a pretty decisive jump after touching its next support level the other day. Hibbett's had a bunch of recent analyst upgrades, and on Friday a single trader bought a huge number of July calls (79K shares) with a price target of 18.65 or better.
Having said all that, Recognia's Elliott Wave analysis of Hibbett suggests it will keep heading downward to 14.92. I don't put a ton of stock in Elliott Wave analysis, but it does seem to have some predictive power.
I may follow the option buyer's trade if I can get a price close to 17.70.
Having said all that, Recognia's Elliott Wave analysis of Hibbett suggests it will keep heading downward to 14.92. I don't put a ton of stock in Elliott Wave analysis, but it does seem to have some predictive power.
I may follow the option buyer's trade if I can get a price close to 17.70.
Comment:
Hibbett has broken its downtrend and has been on a great run!
