Calls Sold in Companhia Siderurgia (SID)

Shares of Companhia Siderurgica Naciona SID are higher on the session by 5.53%, currently trading $14.12. The stock has been cascading lower over the past few weeks and is now trading below both the 50-day and 200-day moving averages. Options traders in the name are selling calls, betting that a rally in the name, if any, will be muted. The June $17.50 call was sold on the bid 1,500 times today; open interest on the strike is 2,081 contracts. This suggests that a long call holder has sold out of their position. Companhia Siderurgica Nacional is a Brazil-based integrated flat steel producing company. It focuses its activities in mining, steel mill market, infrastructure and cement.