By David Russell ofaOptionMonster NEW YORK -- Under Armour has been hugging the $70 level, but now the bulls are looking for a breakout.a OptionMonster's tracking systems Tuesday detected the purchase of more than 7,000 Weekly 72.50 calls expiring this Friday, new positions that eclipsed the previous open interest of 563 contracts. Most of them priced for 15 cents, though premiums had doubled to 30 centsaby the end of the session.a These long calls lock in the price where investors can buy shares in the athletic-apparel company, letting them profit from a rally at limited cost. They also can generate significant leverage from a modest gain, as we saw Tuesday.a Under Armour shares ended the session up 4.05% to $71.13 and have appreciated 38% in the last three months. Much of that gain occurred on July 24, when quarterly results beat estimates and management raised guidance. The shares have remained in a tight range since.a Traders also snapped up the Weekly 71 calls for 25 cents to 60 centsaand the Weekly 75s fora10 cents.a Tuesday's total option volume in the name was sevenatimes greater than its daily average for the last month. Overall calls outnumbered puts by 12 to 1, reflecting the session's bullish sentiment.a Russell has no positions in UA. a
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