Reliance Steel and Aluminum (RS) 11/13/09 PriceWatch Alert Technicals Showing Bearish
Posted: Friday, November 13, 2009 8:18 AM EDT
By: Market Intelligence Center Staff
Reliance Steel and Aluminum (NYSE: RS) closed yesterday at $38.90. 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 37.79 and resistance in the 40.85 range. Technical indicators for the stock are Bearish 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 $32.40 area. That is also the break even stock price for this trade. This covered call has a 127 day duration, provides 16.71% downside protection and an 8.02% assigned return rate for a 23.06% annualized return rate (comparison purposes only). Reliance Steel and Aluminum has a current annual dividend yield of 1.01%. [FBB-Seven Summits Research]
CLICK HERE: FREE Reliance Steel and Aluminum (RS) Stock ReportSee what our analysts have uncovered about Reliance Steel and Aluminum (RS).