Call Volume Grows on Pride International (PDE)

Shares of Pride International Inc. (NYSE: PDE) are higher on the session by 6.76%, currently trading $26.39. The stock has been drifting lower for the past few weeks, but is bouncing off the $25.00 level. It appears that this stock is just too oversold at the moment.

I am detecting call buying in the name, though much of it has been small lots. Even so, call volume is running at 2.00x the daily average, with the majority being purchases.

I would wait before initiating a new position in this name; the chart appears to be broken.

Pride International, Inc. is an offshore drilling contractor. It provides contract drilling services to oil and natural gas exploration and production companies through the use of mobile offshore drilling rigs in the United States and international waters.

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