Is QLogic Topped Out? (QLGC)

Shares of QLogic Corporation (NASDAQ: QLGC) are higher on the session by 0.59%, currently trading at $17.09. The stock has been moving largely higher over the past two months, though it is now nearing resistance vie the top of a gap-fill, as well as the 200-day moving average.

One options trader believes that shares are topped out in the short-term. Right at the opening bell the October $17.50 call was sold 4,966 times (single block), near the bid, for $0.20. Open interest on the strike is 12,152 contracts.

Call volume is now running at 2.20x the daily average.

QLogic Corporation is a designer and supplier of network infrastructure products that enhance, manage and support the transmission of data from computer servers to storage systems and from computer servers to other servers.

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