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May 24, 2013  Fri 11:37 AM CT

New Oriental Education and Technology has been rising in recent days, and one trader apparently believes that any downside will be limited in coming months.

optionMONSTER systems show that a trader sold two blocks of 2,212 and 2,211 July 17 puts seconds apart for $0.35 and $0.30 respectively. This is clearly a new position, as open interest in the strike was 1,145 contracts before the session began.

The put seller is looking for the Chinese education company to hold above $17 through expiration in mid-July. The trader also faces the potential requirement to buy shares at that level if the stock falls below it. (See our Education section)

EDU is up 0.4 percent to $20.25 this afternoon. Shares bounced off support around $15 in mid-March and have been climbing this week. 
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