Put Trading Heats Up in China Mobile

Shares of China Mobile CHL are currently off 1.89%, now trading $47.31 today. The stock is now sitting on the $47.50 support level; if it cannot hold there, the chart seems primed to head towards $45 in a hurry. Put trading is heating up in China Mobile today. The May $45 put traded 1,030 times, the June $42.50 put traded 1,0229 times, and the September $45 put has traded 2,673 times. Put volume is running at 2.11x the daily average, though only 4% of all puts traded have been purchases on the offer. This suggests that most of today’s action is put selling, which would be bullish for the stock.