Call Purchased in Banco Bradesco

Banco Bradesco BBD, a private-sector bank in Brazil, is receiving bullish call buying today as the stock rises 0.55% to $18.23. The January 2011 $22.50 call was purchased on the offer 2,000 times for $0.81 earlier in the session. Open interest on the line is 2,150 contracts, which may signal that a position was closed. Whether this is the case or not, this still represents bullish positioning in the name. Banco Bradesco has been trending sideways for the past four months and established a support level of $17, which is very near the 200-day moving average. The stock is breaching the 50-day to the upside in today’s trade.