Bearishness Prevails in ODP

Shares of Office Depot Inc. ODP are falling once again today, currently off 0.78% to $6.38. The stock has now broken through the 200-day moving average, which is a significant bearishness sign. The stock seems primed to head down to the $5.30 support level. Options action is favoring the puts in Office Depot Inc. with the June $6 put bought over 8,000 times on the offer. Open interest on that strike is only 5,371 contracts, suggesting new, opening positions. Office Depot, Inc. is a global supplier of office products and services.