Energy stocks have been rising, even as the rest of Wall Street struggles to recover from several weeks of losses.
On CNBC's "Options Action," Tony Zhang said there were big bets on Chevron Corporation (NYSE:CVX) on Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Check out energy stocks making big moves in the premarket.
There was a seller of 2,500 of the June $175 strangle at $11.94 per contract on average, Zhang mentioned. This trader sees shares of Chevron trading between $163.06 and $186.94 by June expiration, he added.
CVX Price Action: Shares of Chevron added 1.6% to close at $175.41 on Wednesday. The stock has climbed more than 47% year to date.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.