Reliance Steel and Aluminum (RS) 11/11/09 PriceWatch Alert With Support Around $38.58
Posted: Wednesday, November 11, 2009 8:09 AM EDT
By: Market Intelligence Center Staff
Reliance Steel and Aluminum (NYSE: RS) closed yesterday at $39.62. 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 38.58 and resistance in the 40.68 range. Technical indicators for the stock are Neutral 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 35 covered call (RS CG) for a net debit in the $32.62 area. That is also the break even stock price for this trade. This covered call has a 129 day duration, provides 17.67% downside protection and a 7.30% assigned return rate for a 20.64% annualized return rate (comparison purposes only). Reliance Steel and Aluminum has a current annual dividend yield of 1.00%. [WBA-Seven Summits Research]
CLICK HERE: FREE Reliance Steel and Aluminum (RS) Stock ReportSee what our analysts have uncovered about Reliance Steel and Aluminum (RS).