Cnooc (CEO) 11/6/09 PriceWatch Alert Support Down To $152.85

Posted: Friday, November 06, 2009 8:13 AM EDT

Cnooc (NYSE: CEO) closed yesterday at $156.67. So far the stock has hit a 52-week low of $60.57 and 52-week high of $167.15. Cnooc stock has been showing support around 152.85 and resistance in the 158.73 range. Technical indicators for the stock are Bullish and S&P gives CEO a positive 4 STAR (out of 5) buy rating. CEO appears on the Investors Observer Momentum Plays list. For a hedged play on this stock, look at a Mar '10 160 covered call (CEO CL) for a net debit in the $143.47 area. That is also the break even stock price for this trade. This covered call has a 134 day duration, provides 8.43% downside protection and an 11.52% assigned return rate for a 31.38% annualized return rate (comparison purposes only). Cnooc has a current annual dividend yield of 3.06%. [FBB-Seven Summits Research]

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