Holly (HOC) Trading In Tight Support/Resistance Range
Posted: Friday, August 27, 2010 8:50 AM EDT
By: Market Intelligence Center Staff
Holly (NYSE: HOC) closed yesterday at $25.88. So far the stock has hit a 52-week low of $21.81 and 52-week high of $33.53. Holly stock has been showing support around 25.33 and resistance in the 26.79 range. Technical indicators for the stock are Bearish and S&P gives HOC a neutral 3 STAR (out of 5) hold rating. HOC appears on the Investors Observer Hedged Dividend Income list. For a hedged play on this stock, look at a Mar '11 25 covered call for a net debit in the $22.18 area. That is also the break even stock price for this trade. This covered call has a 204 day duration, provides 14.30% downside protection and a 12.71% assigned return rate for a 22.75% annualized return rate (comparison purposes only). Holly has a current annual dividend yield of 2.27%. [FBB-Seven Summits Research]
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