Ivanhoe Mines is down despite today's broad market rally, but one trader apparently believes that the stock will hold three-year support levels.
optionMONSTER's systems show that 2,422 July 7 puts traded in a strong selling pattern, all of them going for $0.10. Open interest in the strike was just 150 contracts at the start of the day, so these are new positions.
The put sellers are betting that IVN will be above the $7 strike price when the options expire at the end of next week. Total option volume in the name is already 6.5 times its daily average halfway through the session.
IVN is down 4.27 percent to $7.85 in early afternoon trading. Shares of the mineral producer are sitting at a support level that goes back to August 2009.
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