ONEOK (OKE) PriceWatch Alert Technicals Showing Bullish

Posted: Monday, July 06, 2009 8:07 AM EDT

ONEOK (NYSE: OKE) closed yesterday at $29.06. So far the stock has hit a 52-week low of $18.10 and 52-week high of $49.74. ONEOK stock has been showing support around 28.21 and resistance in the 30.71 range. Technical indicators for the stock are Bullish and S&P gives OKE a very positive 5 STAR (out of 5) strong buy rating. OKE appears on the Investors Observer Hedged Dividend Income list. For a hedged play on this stock, look at a Jan '10 27.50 covered call (OKE AY) for a net debit in the $26.21 area. That is also the break even stock price for this trade. This covered call has a 194 day duration, provides 9.81% downside protection and a 4.92% assigned return rate for a 9.26% annualized return rate (comparison purposes only). ONEOK has a current annual dividend yield of 5.43%. [For more information on these strategies along with more details on possible risks go to www.iotogo.com/HPWAinfo]

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