Call Traders Should Consider this Finance Stock

The stock is ripe for a round of upgrades

Nov 15, 2023 at 1:56 PM
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Subscribers to Schaeffer's Weekend Trader options recommendation service received this CME commentary on Sunday night, along with a detailed options trade recommendation -- including complete entry and exit parameters. Learn more about why Weekend Trader is one of our most popular options trading services.

CME Group Inc (NASDAQ:CME) stock consolidated into its upward-sloping 50-day moving average after earnings. The $210 level, which is six times CME’s pre-split initial public offering (IPO) price of $35, is holding as support as well. This level also happens to be the area of a major peak in February 2020, and acted as resistance in June 2021.

CME WT Chart November 82023

Despite CME’s outperformance on the charts, there is plenty of room for upgrades that could push the stock higher. Of the 18 analysts in coverage, eight carry a “hold” or worse rating. Meanwhile, shorts have been in covering mode since May, though there was an uptick prior to its last earnings report.

CME’s all-time high sits at $250, but there is reasonable upside to its all-time monthly closing high in June 2022 at the $232 mark. This level also coincides with double the stock’s ’07 peak.
 
Our recommended January 19, 2024 call has a leverage ratio of 15.1 and will double on a 6.5% pop in the underlying shares.

 

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