Blue-chip pharma stock Walgreens Boots Alliance Inc (Nasdaq: WBA) has been consolidating above the $35 level for the past month or so and was recently rejected by the $38 level. The stock could be due for a short-term dip, however, as WBA just came within one standard deviation of its 160-day moving average, which has had bearish implications in the past. 

Per data from Schaeffer's Senior Quantitative Analyst Rocky White, WBA has seen five similar signals over the past three years. The stock was lower one month later 60% of the time, averaging a 3.9% loss. From its current perch at $36.52, a move such as this would place Walgreens Boots Alliance stock just above the $35 level. 

Options look like a good way to go when weighing in on WBA. The stock is seeing attractively priced premiums, per its Schaeffer's Volatility Scorecard Index (SVI) of 25, which ranks in the low 6th percentile of its annual range. Plus, the equity's Schaeffer's Volatility Scorecard (SVS) sits at 71 out of 100, meaning the equity has exceeded option traders' volatility expectations during the past 12 months.

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