$FTV Fortive forming what looks like a bearish rising wedge on the daily chart. Reminds me a lot of a NVDA chart I posted on Jun 14th just before the stock dropped 10+% in a matter of 1-2 weeks. FTV target $76 by mid-September.
Also of note, some very bearish unusual options activity today. A couple October straddle plays with premium heavily weighted on the Put side. (see below)
1) 8,000 Oct $110 calls for $480,000 with 8,000 Oct $110 puts for $23M (deep ITM)
2) 19,000 Oct $100 calls for $19,000 with 19,000 Oct $100 puts for $35M (deep ITM)
These net out to about a $57M bearish bet on FTV by October.
Note: Informational analysis, not investment advice.
Also of note, some very bearish unusual options activity today. A couple October straddle plays with premium heavily weighted on the Put side. (see below)
1) 8,000 Oct $110 calls for $480,000 with 8,000 Oct $110 puts for $23M (deep ITM)
2) 19,000 Oct $100 calls for $19,000 with 19,000 Oct $100 puts for $35M (deep ITM)
These net out to about a $57M bearish bet on FTV by October.
Note: Informational analysis, not investment advice.