BlackBerry Option Traders Bet Big On Bullish Break

BlackBerry Ltd BB was trading flat Wednesday after trying to make a bullish break north.

The stock has been trading in a bullish falling channel since June 8 and has yet to close a trading day either above or below it.

On Wednesday morning, BlackBerry’s stock attempted to break up bullish from the channel but was knocked down by the resistance of the eight-day and 21-day EMAs.

Options traders believe BlackBerry’s stock will make a bullish run and purchased call contracts totaling $801,706.

Why It’s Important: When a sweep order occurs, it indicates the trader wanted to get into a position quickly and is anticipating an imminent large move in stock price. A sweeper pays market price for the call or put option instead of placing a bid, which sweeps the order book of multiple exchanges to fill the order immediately.

These types of call option orders are usually made by institutions, and retail investors can find watching for sweepers useful because it indicates “smart money” has entered into a position.

The BlackBerry Option Trades: Below is a look at the notable options alerts, courtesy of Benzinga Pro:

At 10:26 a.m., Wednesday a trader executed a call sweep near the bid of 941 BlackBerry options with a strike price of $12 expiring on July 2. The trade represented a $46,109 bullish bet for which the trader paid 49 cents per option contract.

At 10:26 a.m., a trader executed a call sweep near the bid of 2,080 BlackBerry options with a strike price of $12 expiring on July 2. The trade represented a $110,240 bullish bet for which the trader paid 53 cents per option contract.

At 10:27 a.m., a trader executed a call sweep near the bid of 583 BlackBerry options with a strike price of $12 expiring on July 2. The trade represented a $31,482 bullish bet for which the trader paid 54 cents per option contract.

At 10:27 a.m., a trader executed a call sweep near the bid of 500 BlackBerry options with a strike price of $13.50 expiring on July 16. The trade represented a $27,000 bullish bet for which the trader paid 54 cents per option contract.

At 10:27 a.m., a trader executed a call sweep near the bid of 500 BlackBerry options with a strike price of $13.50 expiring on July 16. The trade represented a $27,000 bullish bet for which the trader paid 54 cents per option contract.

At 10:27 a.m., a trader executed a call sweep near the bid of 500 BlackBerry options with a strike price of $13.50 expiring on July 16. The trade represented a $27,500 bullish bet for which the trader paid 55 cents per option contract.

At 10:27 a.m., a trader executed a call sweep near the bid of 471 BlackBerry options with a strike price of $13.50 expiring on July 16. The trade represented a $25,905 bullish bet for which the trader paid 55 cents per option contract.

At 10:27 a.m., a trader executed a call sweep near the bid of 500 BlackBerry options with a strike price of $13.50 expiring on July 16. The trade represented a $28,000 bullish bet for which the trader paid 56 cents per option contract.

At 10:34 a.m., a trader executed a call sweep near the bid of 596 BlackBerry options with a strike price of $10 expiring on Jan 21, 2022. The trade represented a $250,320 bullish bet for which the trader paid $4.20 per option contract.

At 12 p.m., a trader executed a call sweep near the bid of 1,000 BlackBerry options with a strike price of $12 expiring on July 2. The trade represented a $54,000 bullish bet for which the trader paid 54 cents per option contract.

At 12:01 p.m., a trader executed a call sweep near the bid of 841 BlackBerry options with a strike price of $12.50 expiring on July 9. The trade represented a $50,460 bullish bet for which the trader paid 60 cents per option contract.

At 12:01 p.m., a trader executed a call sweep near the bid of 500 BlackBerry options with a strike price of $13.50 expiring on July 16. The trade represented a $27,500 bullish bet for which the trader paid 55 cents per option contract.

At 12:01 p.m., a trader executed a call sweep near the bid of 800 BlackBerry options with a strike price of $13.50 expiring on July 16. The trade represented a $44,800 bullish bet for which the trader paid 56 cents per option contract.

At 12:24 p.m., a trader executed a call sweep near the bid of 222 BlackBerry options with a strike price of $12.50 expiring on July 30. The trade represented a $26,196 bullish bet for which the trader paid $1.18 per option contract.

At 12:55 p.m., a trader executed a call sweep near the bid of 494 BlackBerry options with a strike price of $12 expiring on July 2. The trade represented a $25,194 bullish bet for which the trader paid 51 cents per option contract.

BB Price Action: BlackBerry was trading down 0.24% at $12.22 on Wednesday afternoon.