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Canadian Natural Resources (CNQ) Showing Bearish Technicals With Support At $29.82

Feb 08, 2018 (Marketintelligencecenter.com via COMTEX) --

For a hedged play on Canadian Natural Resources (<a href="http://www.marketintelligencecenter.com/symbol/CNQ">CNQ</a>) MarketIntelligenceCenter.comaEUR(TM)s algorithms selected the Jun 15, 2018 $30 covered call for a net debit in the $28.28 area. That is also the break-even stock price for the covered call. This trade will return 6.08%, or 17.47% annualized (for comparison purposes only), in 127 days. This covered call also provides 7.82% downside protection. A lower-cost play on Canadian Natural Resources would use a longer term call option in place of the long position in the stock. Look at the Jan 18, 2019 $20 call and the same sold call for a net debit of $8.90.This trade only has 5.80% downside protection, but the assigned return rate rises to A12.35% or an annualized rate of 35.52% (for comparison purposes only). The current 52-week low is $27.52 and the 52-week high is $37.63. Canadian Natural Resources stock has been showing support around $29.82 and resistance in the $32.36 range. The stock closed Feb 7, 2018's trading session at $30.68. Technical indicators for the stock are bearish and S&P gives CNQ a 5 STARS (out of 5) strong buy ranking.

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