A trader is looking for Rowan to rally as the energy driller's stock sits at a key juncture on its chart.
optionMONSTER's Heat Seeker detected the purchase of 2,300 March 38 calls for $0.50 to $0.60. The previous open interest was just 147 contracts, so this is clearly new buying.
RDC closed yesterday down 2.76 percent to $34.15. Shares slipped below their 200-day moving average in recent days and are now facing resistance around the $35 level that has been in place for three months.
Total option volume at all RDC strikes exceeded 3,000 contracts, more than 4 times its daily daily average. Calls outnumbered puts by a margin of 61 to 1.
The company will release its nexst earnings report on the morning of Feb. 28.
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