Biogen BIIB breaks out of a descending trend line with traders buying call options looking for higher prices
Biogen (BIIB) calls are seeing early call activity with 4x the daily expected already hitting the tape. More than 12K calls have hit with the January 55 call strike seeing the focus of the volume with 7,119 contracts traded.
Open interest in January has not been exceeded, so some of the activity could be closing trades. Activity in February is also seeing some interest in the 55 and 60 strike, where open interest is zero because the February contract just opened today.
Prices today have been able to break above a technical descending trend line, which could lead to a move to $55.
This is the post that appeared in our OptionSIZZLE Elite subscription service yesterday, December 21, 2009.
Today, prices closed moved up 2.41% at $52.32, moving the prices of those January 55 call options to .55 cents or a 40% move in prices.
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