Reliance Steel and Aluminum (RS) 11/19/09 PriceWatch Alert Support At Around $39.52
Posted: Thursday, November 19, 2009 8:16 AM EDT
By: Market Intelligence Center Staff
Reliance Steel and Aluminum (NYSE: RS) closed yesterday at $40.52. 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 39.52 and resistance in the 42.20 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 $36.02 area. That is also the break even stock price for this trade. This covered call has a 121 day duration, provides 11.11% downside protection and an 11.05% assigned return rate for a 33.33% annualized return rate (comparison purposes only). Reliance Steel and Aluminum has a current annual dividend yield of 0.98%. [THA-Seven Summits Research]
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