Calls Purchased on SinoCoking Coal and Coke (SCOK)
Shares of SinoCoking Coal and Coke Chemical Industries, Inc. (NASDAQ: SCOK) are higher on the session by 10.99%, currently trading at $9.49. The stock has been moving largely lower over the past six months and is trading below both the 50-day and 200-day moving averages. Shares are currently testing the 50-day.
Options traders are buying calls on the name today. A short while ago the December $10.00 call was purchased 1,400 times, on the offer, on open interest of only 901 contracts. This signals new positioning on the name.
Overall call volume is now running at 9.00x the daily average with 70% of all calls traded being purchases on the offer.
SinoCoking Coal and Coke Chemical Industries, Inc. is a coal and coke producer based in Henan Province, People's Republic of China. The company uses coal from both its own mines and that of third-party mines to produce coal products, such as thermal coal, washed metallurgical coal, and chemical and metallurgical coke for steel manufacturers, power generators, and various industrial users.
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