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China Petroleum and Chemcial (SNP) Trading Near $96.57 Resistance Level

Jun 13, 2018 ( via COMTEX) --

For a hedged play on China Petroleum and Chemcial (<a href="">SNP</a>) MarketIntelligenceCenter.comaEUR(TM)s patented trade-picking algorithms selected a Jul 20, 2018 $95 covered call for a net debit in the $91.85 area. That is also the break-even stock price for the covered call. This trade will return 3.41%, or 33.72% annualized (for comparison purposes only), in 37 days. This covered call also provides 3.67% downside protection. A lower-cost play on China Petroleum and Chemcial would use a longer term call option in place of the long position in the stock. Look at the Jan 18, 2019 $75 call and the same sold call for a net debit of $18.50.This trade only has 1.95% downside protection, but the assigned return rate rises to 8.10% or an annualized rate of 79.98% (for comparison purposes only). The current 52-week low is $69.60 and the 52-week high is $105.61. China Petroleum and Chemcial stock has been showing support around $94.49 and resistance in the $96.57 range. The stock closed Jun 12, 2018's trading session at $95.36.A

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