TDOC telehealth company Teladoc Health broke out of a recent downtrend today and closed above resistance.
There was also some unusual bullish options flow today with about 7M in near term calls traded. Specifically the $215 strike call expiring this week traded more than 10x its open interest just today. Put/Call Volume Ratio was about 4:1 or in other words for every put traded today four calls were traded.
A reliable breakout confirmation would be to see this pull back to the downtrend line (~$211.50) this week and retest it as support.
Near term price target: $228 Medium term price target: $250 (late October)
Also of note: a Bullish analyst note published today: "D.A. Davidson analyst Hannah Baade initiated coverage of Teladoc with a Buy rating and $250 price target." See Benzinga Article: "Stay-At-Home Stock Play Teladoc Set For Q3 Beat, DA Davidson Says In Bullish Initiation"