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Bullish Unusual Options Activity on VIPS $1M Premium

Long
CAPITALCOM:VIPS   Vipshop
NYSE:VIPS $1M in premium traded for 34.50 strike calls for April 30th expiration traded yesterday.

Unusual Activity for $34.50 calls about 10,000 contracts traded around 10:45am @ approx $0.60

On the chart the stock had a a lot of down trend and inverted hammer for close on Friday indicating bullish sentiment.

The inverted hammer is a type of candlestick pattern found after a downtrend and is usually taken to be a trend-reversal signal. The inverted hammer looks like an upside down version of the hammer candlestick pattern.
After a long downtrend, the formation of an Inverted Hammer is bullish because prices hesitated to move downward during the day. Sellers pushed prices back to where they were at the open, but increasing prices shows that bulls are testing the power of the bears.

Stochastics struggling a but to cross over but looks promising considering the unusual activity.

Lot of time on these options I would recommend a vertical spread to keep theta at bay.

Support 27.81
Resistance 30. 05
Target 32.13, 34.54, 36.61
SL close below support.

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