Bullish Bettors Should Consider This Chemical Stock

The 72.50- and 75-strike puts could act as support

Oct 11, 2023 at 12:04 PM

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DuPont de Nemours Inc (NYSE:DD) stock is pulling back to its converging 100- and 200-day moving averages, with support coming from the $72.50 level, which marked tops in December 2022, April, and June. The security also pushed back above its +10% year-to-date level, which had been a short-term level of resistance, and conquered its 20- and 50-day trendlines to boot.

DD WT Chart October 112023

It’s also worth noting that both the 72.50- and 75-strike puts could act as support, as large call open interest (OI) at $78 evaporates during October options expiration. This leaves the door wide open for higher price action moving forward.

Our recommended January 19, 2024 call has a leverage ratio of 8.4, and will double on a 12.1% pop in the underlying shares.

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