Walmart (WMT) Options Signal Bullish Momentum: Calls Dominate as $115 Strike Gains Attention for Friday Expiry

• WMT surges 1.2% to $114.43, breaking above its 52-week range with heavy call buying pressure.
• Put/Call OI ratio at 0.86 (calls > puts), with $115 call (OI: 7,156) as Friday’s top short-term bet.
• Block trades show $800K bought in $115 puts (Feb expiry), hinting at hedging or speculative positioning.

Here’s what’s happening: The options market is leaning hard into a bullish narrative for WMT, with call open interest outpacing puts and key strike levels forming a battleground. But the story isn’t one-sided—let’s break down the numbers and what they mean for your strategy.Bullish OI Clusters and the Shadow of Whale Trades

If you look at WMT’s options chain, the call side is clearly the star. This Friday’s $115 call (WMT20260109C115) leads with 7,156 open contracts, followed by the $117 call (WMT20260109C117) at 4,203. These strikes act like a magnet for capital—traders are pricing in a potential pop above $115, especially with the stock already trading near its intraday high of $115.21.

But don’t ignore the puts. The $112 put (WMT20260109P112) has 3,199 open contracts, suggesting some hedging activity for downside protection. The real wildcard? A $800K block trade in the WMT20260220P115 put (Feb expiry). Buying a deep put at $115 implies a bearish bet on a longer-term correction, but it could also be a hedge for existing long positions. Either way, it adds a layer of caution to the bullish setup.

News Flow: Analysts Are All-In, But Can the Stock Keep Up?

Barclays and Jefferies aren’t just bullish—they’re aggressive. With price targets of $125 and $132, respectively, the analyst community is pricing in a 7–10% upside from current levels. Recent earnings (October 31) showed a revenue beat of $179.5B and net profit of $6.14B, reinforcing confidence. Benjamin Edwards’ 9.4% stake increase in Q3 also signals institutional conviction.

But Deutsche Bank’s Hold rating with a $119 target adds a counterpoint. It’s not bearish, but it’s a reminder that execution risks remain—especially if Walmart’s FY2026 guidance (EPS 2.58–2.63) isn’t met. The key here is alignment: options sentiment and analyst ratings are both bullish, but the stock still needs to prove it can sustain this momentum.

Actionable Trades: Calls for the Quick, Stock for the Patient

For short-term traders, the WMT20260109C115 call (Friday expiry) is a high-conviction play. If WMT closes above $115.21 (today’s high), this strike could see explosive gains. For a longer-term bet, the WMT20260116C120 call (next Friday) offers leverage if the stock breaks out of its Bollinger Band range (upper band at $117.12).

Stock buyers should eye entry near $112.25 (today’s low) if support holds. A breakout above $115.21 could target $117.12 (upper band) or even $120 (analyst average target). Stop-loss below $110.96 (lower Bollinger Band) would protect against a sudden reversal.

Volatility on the Horizon: Positioning for WMT’s Next Move

WMT is at a crossroads. The options market is pricing in a bullish bias, analysts are raising targets, and fundamentals are solid. But the $115 call-heavy OI and Feb put block trade show a tug-of-war between optimism and caution.

Your best bet? Use the current setup to your advantage. If you’re bullish, the WMT20260109C115 call offers a high-reward, short-term play. If you’re more conservative, a stock position with tight stops near key support levels could capitalize on a measured rally. Either way, keep an eye on the $115–$117 range—it’s where the next chapter of WMT’s story will unfold.

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