Protection Purchased on Vodafone (VOD)

Shares of Vodafone Group PLC VOD are selling off by 2.81%, currently trading $18.67. The stock has sold off heavily over the past two weeks and is significantly below the 50-day and 200-day moving average. I see the stock finding support around $18.00 though, which is a horizontal support level. The July $22.50 puts have traded 3,714 contracts today; open interest on the strike is 13,369 contracts. Put volume is running at 2.15x the daily average with 75% of all puts traded being purchases on the offer. Vodafone Group Plc is engaged in providing service, such as voice, messaging, data and fixed line and others.