Reliance Steel and Aluminum (RS) 11/10/09 PriceWatch Alert Technicals Showing Bullish
Posted: Tuesday, November 10, 2009 8:18 AM EDT
By: Market Intelligence Center Staff
Reliance Steel and Aluminum (NYSE: RS) closed yesterday at $40.05. So far the stock has hit a 52-week low of $12.58 and 52-week high of $44.96. Reliance Steel and Aluminum stock has been showing support around 39.09 and resistance in the 41.13 range. Technical indicators for the stock are Bullish and S&P gives RS a positive 4 STAR (out of 5) buy rating. RS appears on the Investors Observer Hedged Dividend Income list. For a hedged play on this stock, look at a Mar '10 40 covered call (RS CH) for a net debit in the $35.45 area. That is also the break even stock price for this trade. This covered call has a 130 day duration, provides 11.49% downside protection and a 12.83% assigned return rate for a 36.04% annualized return rate (comparison purposes only). Reliance Steel and Aluminum has a current annual dividend yield of 1.02%. [ATU-Seven Summits Research]
CLICK HERE: FREE Reliance Steel and Aluminum (RS) Stock ReportSee what our analysts have uncovered about Reliance Steel and Aluminum (RS).