Last week WMB put in a bullish reversal pattern on the weekly chart showing the bulls are in control right now. Williams Companies gained 3.8% outperforming the S&P which gained less than half a percent for the week.
WMB closed at $36.31 on Friday, closing just 4 cents off the weekly high of $36.35. The weekly chart is showing a breakout to the $37.30 – $37.50 level as early as next week.
Buy to open WMB August 30th 36.50 Calls. Closed at .25 x .29 on Friday.
Weekly chart for WMB:
There was heavy buying on ORCL August 23rd 32.50x puts yesterday between .28 and .34. Over 6,000 contracts traded with the open interest only at 29. The largest blocks came at .30 with 2,868 contracts bought and another 2,000 contracts being bought at .33 and .34.
The puts closed at .42 x .43 so they’re already up a bit. The weekly chart has a bearish reversal pattern (not confirmed yet), and as I mentioned in chat yesterday the weekly charts for the S&P are looking pretty bearish with room down to 1625 – 1630 next week.
ORCL closed at $32.41 yesterday and the bearish reversal pattern on the weekly chart is targeting $31.80 – $31.90 next week.