A trader is calling a bottom in Petrobras as shares push off multi-year lows.
PBR is up 2.6 percent to $19.91 this morning after hitting a three-year low of $18.97 on Thursday. Shares of the Brazilian oil and natural-gas giant have been trending lower from above $32 at the start of February, with only three closes above their 10-day moving average in the last three months.
optionMONSTER's tracking systems show that a trader sold 2,500 August 28 puts for $1.34. The volume was more than twice the previous open interest, so this is a new position.
The put selling is a bet that PBR will hold up above $28 through expiration. The trader is also showing a willingness to buy the stock if it is below that strike price. (See our Education section)
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