We have a bullish trade setup in YELP ($70.53, up $1.30). So far, YELP has held above a key price support decision at the $62.16 – $62.98 area. There were also a couple of timing cycles evident at this recent low. We have already seen some buy triggers since holding this support. As long as price remains above the 10/9 low, I am looking for my first upside target at the 78.82 area.
I will consider the trade a bust if the 10/9 low is taken out instead.
It should play out within 2 – 4 weeks…. Options strategies?
YELP has Weeklys going out to December 5th. This would be the ideal expiration, but that expiration was just added and has very little open interest. I’d lean towards a November (28th) 71 – 80 bullish call vertical spread for ~$2.35. The shares are up nicely today CB