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Canadian Natural Resources (CNQ) Trading Near $34.22 Support Level

Apr 17, 2018 ( via COMTEX) --

For a hedged play on Canadian Natural Resources (<a href="">CNQ</a>) MarketIntelligenceCenter.comaEUR(TM)s algorithms selected the May 18, 2018 $34 covered call for a net debit in the $33.08 area. That is also the break-even stock price for the covered call. This trade will return 2.78%, or 32.74% annualized (for comparison purposes only), in 31 days. This covered call also provides 4.47% 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 $13.64.This trade only has 2.82% downside protection, but the assigned return rate rises to A2.56% or an annualized rate of 30.19% (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 $34.22 and resistance in the $35.30 range. The stock closed Apr 16, 2018's trading session at $34.63. 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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