Heavy Call Activity in Allstate

Shares of Allstate Corp. ALL are higher on the session by 0.60%, currently trading $30.25. The stock has fallen off from its recent high of $35.56, through the 50-day moving averages, and is now struggling to hold to 200-day moving average. I am seeing massive call buying in the name today, though which may suggest the stock will revisit its highs. The July $33 call was purchased over 26,000 times today, on the offer, which is bullish for the name. Open interest on the strike is 29,680 contracts, which may suggest that this was a closing transaction on short calls, but that would still be bullish for the name. Allstate Corp. is primarily engaged in the personal property and casualty insurance business, and the life insurance, retirement and investment products business. It conducts its business primarily in the United States.