Progress Energy (PGN) PriceWatch Alert Support At Around $36.77

Posted: Friday, July 17, 2009 8:07 AM EDT

Progress Energy (NYSE: PGN) closed yesterday at $37.75. So far the stock has hit a 52-week low of $31.35 and 52-week high of $45.60. Progress Energy stock has been showing support around 36.77 and resistance in the 38.33 range. Technical indicators for the stock are Bullish and S&P gives PGN a positive 4 STAR (out of 5) buy rating. PGN appears on the Investors Observer Volume Leaders list. For a hedged play on this stock, look at a Jan '10 35 covered call (PGN AG) for a net debit in the $34.05 area. That is also the break even stock price for this trade. This covered call has an 183 day duration, provides 9.80% downside protection and a 2.79% assigned return rate for a 5.56% annualized return rate (comparison purposes only). Progress Energy has a current annual dividend yield of 6.67%. [For more information on these strategies along with more details on possible risks go to www.iotogo.com/HPWAinfo]

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