Analyzing the options chain and the chart patterns of BBWI Bath & Body Works prior to the earnings report this week,
I would consider purchasing the 38.5usd strike price Calls with
an expiration date of 2023-8-25,
for a premium of approximately $0.87.
If these options prove to be profitable prior to the earnings release, I would sell at least half of...
Stock is trending downwards overall. Looks like it tried to test $43, but failed.
No significant improvements over the last quarter
99.99% of float held by institutions
Company's financials are struggling compared to the previous quarter.
PT: $30-$35 by mid July or early August
BBWI has rose up a bit but i think it will continue completing this current structure.
This is the hourly chart.
Bars pattern in green shows my thoughts on the next upward move.
Could be an epic short. Looking at the break below of $58.63 OR the rejection of $62 if it comes. Over $62 you cut it and move on IMO.
Will be scaling in tomorrow especially if we bounce and doesn't retake $62.
