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Western Union is trying to rebound, but the bears apparently think it's headed lower.

optionMONSTER's Depth Charge monitoring program detected the purchase of almost 3,900  July 18 puts for $1.10 to $1.15. Volume was more than 37 times open interest at the strike.

WU fell 1.04 percent to $16.95 in morning trading. It began 2012 on a strong note but gapped lower in February and has been trending lower since.

The shares have been trying to bounce more recently and are up more than 5 percent in the last month. But they're now stuck at their 50-day moving average, which could be leading some chart watchers to believe that the next move will be lower.

If they're right, those puts are a safe way to play bet against the money-transfer company. They will closely track declines in the share price, while having less risk than short-selling the stock. (See our Education section)

WU's next earnings report is scheduled for July 24, after today's contracts expire.

Overall option volume is 9 times greater than average in the name, according to Depth Charge. Put outnumber calls by 58 to 1.

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