VLO Bullish Sweep $2M in premium traded for $80 Calls June 18th

17 apr 2021

VLO 2M in premium traded for $80 strike calls for Friday June 18th 2021 expiration traded today.

Unusual Activity for $80 calls about 10,000 contracts traded around 10.25pm @ approx $1.70 (Above Open interest of only 4657) Volume 23K

Plug power earnings date is 04/22/2021 Thursday

Bounced off 50 EMA multiple times showing good downside support. CCI is also trending up going from bearish to bullish.

2 Months time on these options I would recommend a vertical spread to keep theta at bay especially after earnings when IV will drop reducing the price of the options if you expect to hold this past earning.

The stock dose have the tendency to fall after earnings most of the times and rally after.

I would wait for confirmation of break of the $73.95 level and possibly a close above this level to start a position.

Got multiple mentions on CNBC today and has already traded up with some volume coming in.

Support 50 EMA $70.95
Resistance $73.80
Target 75.21, 77.03, 78.22, 81.33
SL close below 50 EMA

Follow more unusual activity signup for a free trial using my referral link https://marketaction.live/signup

Please let me know in the comment if you find this useful.