Mosaic (NYSE: MOS) shares are trading higher today after the company announced it intends to sell its Saskferco Products Inc. unit, which makes nitrogen fertilizer and is based in Belle Plaine, Saskatchewan. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on MOS.

After hitting a one-year low of $32.50 in August, the stock hit a one-year high of $163.25 on Wednesday. MOS opened this morning at $151.67. So far today the stock has hit a low of $147.46 and a high of $155.60. As of 12:20, MOS is trading at $153.25, up $2.00 (1.3%). The chart for MOS looks bullish and steady.

For a bullish hedged play on this stock, I would consider a September bull-put credit spread below the $90 range. A bull-put credit spread is an options position that combines the purchase and sale of put options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. For this particular trade, we will make a 6.4% return in just three months as long as MOS is above $90 at October expiration. Mosaic would have to fall by more than 41% before we would start to lose money.

MOS hasn't been below $90 since January and has shown support around $115 recently. This trade could be risky if the company's earnings (due out 7/29) disappoint, but even if that happens, this position could be protected by the support the stock might find at its 200 day moving average, which is currently around $95 and rising.

Brent Archer is an options analyst and writer at Investors Observer. At publication time, Brent neither owns nor controls positions in MOS.