Cassava Sciences Inc. trades under the ticker SAVA and has recently displayed technical strength that makes it worth looking a little closer at for a trade opportunity.
SAVA currently trades at $11.16 per the close of 9/28, and are currently down ~3% in the pre-market today as the futures trade mostly flat/slightly lower (per 7:30 am).
SAVA options that are closest to at-the-money are at $10 or $12.50 for calls and puts.
Given the breadth of that spread, I am going to look to be buying the slightly in-the-money options, as their Deltas are higher, and they offer some cushion for safety on a day like today which promises to be relatively uncertain.
SAVA Price: $11.16
10 Day Moving-Average: $9.36
50 Day Moving-Average: $4.55
200 Day Moving-Average: $5.02
RSI: 79
Their RSI is currently high, although that should begin to shake out as they establish a new price range.
I may start the day buying puts, and then as the price starts to settle down sell them and look to buy some calls & perhaps set up a straddle based around where the price is settled.
*** I DO NOT OWN ANY SHARES OF SAVA STOCK ***