Options Activity Shows PetroBras Has More Upside Left

On CNBC's "Options Action," Michael Khouw of Optimize Advisors said that Petroleo Brasileiro (NYSE:PBR) traded six times its average daily call volume on Monday.

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There was a buyer of 3,500 of the November 15/17/19 call butterflies at an average price of 30 cents per contract, Khouw mentioned. The trader bet $105,000 that Petroleo Brasileiro’s shares will rise by at least 24% by November expiration, he added.

PBR Price Action: Shares of Petroleo Brasileiro had risen by 12.64% to close at $13.90 on Monday.

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