Market News

October 12, 2016  Wed 12:07 PM CT

Traders are looking for the uptrend to continue in Nabors Industries.

optionMONSTER's market scanner shows that about 11,000 October 13 calls were purchased for $0.40 to $0.46 today. This represents fresh buying, as volume is well above the strike's open interest of 2,298 contracts.

Long calls lock in the price where investors can buy stock, allowing them to profit from a rally with limited capital at risk. Their cheap cost can also generate significant leverage on a percentage basis if shares move in the right direction. (See our Education section)

NBR is off 0.46 percent to $12.97 in afternoon trading but is up 34 percent in the last three months. The energy-drilling services company is scheduled to report earnings after the close on Oct. 25.

Overall option volume in the name is 3 times greater than average so far today. Calls outnumber puts by a bullish 78-to-1 ratio.

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