Trading Insights | Key Levels of Micron, Chevron Hinted at Options Market

Micron Technology, Inc. -1.72%
Chevron Corporation +0.46%

Micron Technology, Inc.

MU

117.45

-1.72%

Chevron Corporation

CVX

161.97

+0.46%

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

Micron Technology

A significant bearish position on Micron Technology, Inc.(MU.US) was recently identified, warranting the attention of retail traders. The origin—whether an institution or a wealthy individual—is unknown, but the move could be indicative of upcoming market developments. 

Benzinga's options scanner reported 19 atypical options trades on the stock. These trades largely leaned bearish, with 17 puts amounting to $1,918,543 and 2 calls totaling $280,390.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $60.0 to $90.0 for Micron Technology over the last 3 months.

Volume & Open Interest Development

Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Micron Technology's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Micron Technology's whale trades within a strike price range from $60.0 to $90.0 in the last 30 days.

Micron Technology Option Volume And Open Interest Over Last 30 Days

Options Call Chart

Biggest Options Spotted:

SymbolPUT/CALLTrade TypeSentimentExp. DateStrike PriceTotal Trade PriceOpen InterestVolume
MUPUTTRADEBULLISH12/15/23$65.00$250.0K4.2K502
MUCALLTRADEBULLISH04/19/24$90.00$220.0K5612.0K
MUPUTSWEEPBEARISH12/15/23$65.00$196.0K4.2K3.0K
MUPUTSWEEPBEARISH12/15/23$65.00$163.5K4.2K2.9K
MUPUTSWEEPBEARISH12/15/23$65.00$160.2K4.2K1.5K

Where Is Micron Technology Standing Right Now?

  • With a volume of 3,285,126, the price of MU is up 1.14% at $66.4.
  • RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
  • Next earnings are expected to be released in 51 days.

 

Chevron Corporation

A notable bearish position on Chevron Corporation(CVX.US) has been identified today through publicly available options history tracked by Benzinga. While it is unclear whether this activity is by an institution or a wealthy individual, such large-scale movement in CVX options often indicates significant upcoming changes. 

The options scanner detected 18 uncommon trades, with the sentiment among these large traders being 38% bullish and 61% bearish. Specifically, 10 of these options are puts, totaling $670,311, while 8 are calls, amounting to $275,941.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $125.0 to $175.0 for Chevron over the last 3 months.

Volume & Open Interest Development

Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Chevron's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Chevron's whale trades within a strike price range from $125.0 to $175.0 in the last 30 days.

Chevron Option Volume And Open Interest Over Last 30 Days

Options Call Chart

Biggest Options Spotted:

 

SymbolPUT/CALLTrade TypeSentimentExp. DateStrike PriceTotal Trade PriceOpen InterestVolume
CVXPUTTRADEBULLISH03/15/24$125.00$222.4K8320
CVXPUTSWEEPBEARISH11/17/23$155.00$103.8K5.6K299
CVXPUTSWEEPBEARISH11/17/23$155.00$65.8K5.6K88
CVXPUTSWEEPBEARISH11/17/23$155.00$62.7K5.6K167
CVXPUTSWEEPBULLISH06/21/24$150.00$55.1K1.2K20

Where Is Chevron Standing Right Now?

  • With a volume of 2,867,118, the price of CVX is up 0.38% at $144.91.
  • RSI indicators hint that the underlying stock may be oversold.
  • Next earnings are expected to be released in 88 days.

What The Experts Say On Chevron:

  • Morgan Stanley has decided to maintain their Equal-Weight rating on Chevron, which currently sits at a price target of $203.
  • RBC Capital downgraded its action to Outperform with a price target of $180
  • Truist Securities has decided to maintain their Hold rating on Chevron, which currently sits at a price target of $169.
  • UBS has decided to maintain their Buy rating on Chevron, which currently sits at a price target of $210.
  • B of A Securities upgraded its action to Buy with a price target of $200

 

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