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Vote of confidence for Accenture

Chris McKhann (chris.mckhann@optionmonster.com)

A large trade is looking for management-consulting firm Accenture to hold current levels in coming weeks.

More than 7,700 May 77 puts have traded already today, 7 times the strike's previous open interest and twice ACN's total daily option volume for the last month. The biggest block of 6,226 contracts was sold for the bid price of $1.15.

The put seller is looking for ACN to hold above $77 through expiration in mid-May. The trader takes on the risk of having to buy shares if they fall below that strike price. (See our Education section)

ACN is up 0.18 percent to $79.50 this morning. The stock has been trading sideways for the last week after falling hard on disappointing quarterly results. It hasn't closed below $77 since gapping up through that level after the last earnings report in December.

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