SNAP Downtrend Continues - Unusual Bearish Options Activity Expecting one more leg down in this recent downtrend.
Unusual Bearish Options Activity Today: 30k $21.00 strike (OTM) November 20th puts traded today vs open interest <200 for a total premium outlay of 4.1M
Near term target: $20.00 by mid October Stop loss: $25.00
@alexlance, I don't really see a C&H pattern but that is just my interpretation. If I had only looked at the chart...forecasting the near term price direction on this probably would have been a coin flip.
But the reason SNAP popped up on my radar in the first place, and the reason I am bearish, is because of the unusual options activity I saw last week.