Banco Bradesco is trying to bounce, and one investor apparently
believes that the bottom is in.
optionMONSTER's tracking systems detected the sale of 7,000
September 15 puts for $0.92 against open interest of 5,320
contracts. The trade accounted for almost all the volume in the
Brazilian lender so far today.
appeared after the company reported modest profit growth for the
BBD fell 0.31 percent to $16.26 yesterday trading and is down 10
percent in the last month. However, it has been holding the same
$16 level where it bounced in mid-December, which could make some
chart watchers think that support is in place.
If they're correct, the puts will expire worthless and the traders
will keep the credit earned. Given that the contracts sold were at
the $15 strike, they have further leeway built into the position in
case it drops. (See our
Overall option volume in BBD was 5 times greater than average
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