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May 24, 2013  Fri 11:37 AM CT

EDU: SEE CHART GET CHAIN FIND STRATEGIES
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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