Renaissancere (RNR) Down Slightly Yesterday And Showing Bearish Technicals

Posted: Wednesday, November 04, 2009 9:05 AM EDT

Renaissancere (NYSE: RNR) closed yesterday at $53.07. So far the stock has hit a 52-week low of $39.37 and 52-week high of $57.37. Renaissancere stock has been showing support around 52.01 and resistance in the 54.05 range. Technical indicators for the stock are Bearish and S&P gives RNR a neutral 3 STAR (out of 5) hold rating. RNR appears on the Investors Observer Volume Leaders list. For a hedged play on this stock, look at an Apr '10 50 covered call (RNR DJ) for a net debit in the $48.17 area. That is also the break even stock price for this trade. This covered call has a 164 day duration, provides 9.23% downside protection and a 3.80% assigned return rate for an 8.46% annualized return rate (comparison purposes only). Renaissancere has a current annual dividend yield of 1.83%. [WBA-Seven Summits Research]

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