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• FLIR Systems draws upside calls

• FLIR 0% Rate It

FLIR Systems has been fighting its way back since gapping lower in February, and the bulls see further gains by early summer.

optionMONSTER's Heat Seeker tracking system detected the purchase of more than 5,400 July 30 calls, mostly for $1.20 to $1.55 against open interest of 2,032 contracts.

FLIR rose 1.74 percent to $29.29 on Friday and is up 9 percent in the last month. The maker of thermal-imaging systems plunged on Feb. 11 after providing weak guidance and saying its CFO would retire.

It spent the following month consolidating around $26.60, the location of its 200-day moving average (purple line on chart) and a resistance level established in May 2009. The shares have been fighting higher since.

Friday's call buying followed a report from Benchmark that FLIR's full-year results may exceed expectations. Its next earnings report is scheduled for the premarket on April 23.

The stock must appreciate at least 8 percent by expiration for the calls to turn a profit. Some traders may expect FLIR to return to at least $33, its December high, if the bullish trend continues.

Overall option volume in the name was 12 times greater than average in the session, with calls accounting for a bullish 92 percent of the activity.

(Chart courtesy of tradeMONSTER)

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