By David Russell, reporter at OptionMonster

NEW YORK ( TheStreet) -- Nabors Industries ( NBR - Get Report) is trying to break above its recent range, and the bulls are stepping in ahead of the company's earnings results Tuesday afternoon.

OptionMonster's real-time tracking systems detected heavy call-buying in the oil and gas driller Monday. The December 18 calls were especially noteworthy, trading 5,900 times against open interest of 1,824 contracts. Premiums started the session around 80 cents and peaked at $1.45 by the end of the day as NBR worked higher.

The stock closed at $16.28, up 6.96% on the day. It lost almost two-thirds of value between April and early this month but has bounced hard since then and is now attempting to break resistance at is 50-day moving average. The call-buyers are betting on further upside in the near term.

New positions were also opened in the November 18 calls, which changed hands more than 4,000 times for 42 cents to 51 cents. Further call-buying occurred in the November 17s, the December 20s, the December 17s, the November 16s, the November 19s, and the January 20s.

Overall option volume was 10 times greater than average in the session.

Russell has no positions in NBR.

This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.