Office Depot, Inc. (ODP) came on my volume sifter this morning. The chart is nice and tight and there is also action activity in the $5.50 and $6.00 calls.
From a technical perspective the chart is okay. If the stock moves above $5.10-5.20 it looks like it can see $5.50-$6.00 pretty quickly. My stop on this trade would be 4.70.
This is a ‘B’ play at best but this is the time of year to find some laggards that could be pulled up with the market.
Continue reading for chart analysis…
*DISCLOSURE: Long ODP
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