RH's (RH) stronger-than-expected fiscal Q1 results featuring "beats across the board and demand at record levels" signal more gains in 2021 and beyond "on a slew of initiatives to drive growth," BofA Securities said in a research note.
Daniel Betancourt
OptionsSwing Analyst
- Following a strong earnings, RH has consolidated for a few months accumulating institutional buying.
- If RH closes above 723 on the weekly timeframe, this will confirm a breakout.
- With lumber and housing market coming back to more normal levels; new housing projects lead to furbishing with upscale furniture which RH provides.
This trade is for traders looking to take a bullish position. December 800c are a go after confirmation.
Best of Luck!
Daniel Betancourt
OptionsSwing Analyst
Education first, profits second.