Continental Resources (CLR) NewsBite - CLR Downgraded By Jefferies & Co.

Posted: Friday, November 06, 2009 2:10 PM EDT

Continental Resources (CLR) was downgraded today by analysts at Jefferies & Co. and the stock is now at $37.28, down $1.95 (-4.98%) on volume of 770,523 shares traded. The brokerage downgraded the stock to Hold from Buy. Over the last 52 weeks the stock has ranged from a low of $12.01 to a high of $47.27. Continental Resources stock has been showing support around $37.26 and resistance in the $40.28 range. Technical indicators for the stock are bullish and S&P does not currently have a STARS rating for CLR. If you are looking for a hedged play on CLR the stock seems like it could be a candidate for a March out-of-the-money bear-call credit spread above the 45 range. [ABR-Seven Summits Strategic Investments NewsBite]

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