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Occidental Petroleum (OXY) Showing Bearish Technicals

Nov 08, 2017 (Marketintelligencecenter.com via COMTEX) --

For a hedged play on Occidental Petroleum (<a href="http://www.marketintelligencecenter.com/symbol/OXY">OXY</a>) MarketIntelligenceCenter.comaEUR(TM)s algorithms selected the Feb 16, 2018 $67.50 covered call for a net debit in the $65.70 area. That is also the break-even stock price for the covered call. This trade will return 2.73%, or 9.99% annualized (for comparison purposes only), in 100 days. This covered call also provides 4.43% downside protection. A lower-cost play on Occidental Petroleum would use a longer term call option in place of the long position in the stock. Look at the Jan 18, 2019 $55 call and the same sold call for a net debit of $11.34.This trade only has 3.49% downside protection, but the assigned return rate rises to A10.13% or an annualized rate of 36.98% (for comparison purposes only). The current 52-week low is $57.20 and the 52-week high is $73.51. Occidental Petroleum stock has been showing support around $68.28 and resistance in the $69.36 range. The stock closed Nov 7, 2017's trading session at $68.75. Technical indicators for the stock are bearish and S&P gives OXY a 3 STARS (out of 5) hold ranking.

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