NEW YORK -- Oneok (OKE) - Get Report is trying to hold long-term support, and Wednesday the bulls piled in. 

OptionMonster's Heat Seeker system detected heavy call volume in the pipeline company, which is back to the same level where it bottomed out in mid-2013. Traders initially purchased the April 45 calls for $1.35, followed by the February 42.50s for $1.10. More than 3,500 contracts traded in each strike, well above the previous open interest, showing that new money was put to work. 

Long calls lock in the price where investors can buy stock, which lets them cheaply position for a rally. That helps manage risk and can also result in significant leverage if the shares move higher. 

Oneok initially tried to climb and pulled back before surging 5.2% into the closing bell. It ended the day at $42.32, the February 42.50 calls appreciated to $1.98, and the April 45s closed at $1.73. The stock has fallen sharply along with the broader energy sector but pays a dividend yield of more than 5%. 

Overall option volume in the name was 21 times greater than average in the session, with calls accounting for a bullish 94% of the total.

-- Written by David Russell of  OptionMonster

Russell has no positions in OKE.