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Occidental Petroleum (OXY) Showing Bearish Technicals With Support At $83.24

May 16, 2018 ( via COMTEX) --

For a hedged play on Occidental Petroleum (<a href="">OXY</a>) MarketIntelligenceCenter.comaEUR(TM)s patented trade-picking algorithms selected a Aug 17, 2018 $82.50 covered call for a net debit in the $79.92 area. That is also the break-even stock price for the covered call. This trade will return 3.22%, or 12.66% annualized (for comparison purposes only), in 93 days. This covered call also provides 5.16% 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 $67.50 call and the same sold call for a net debit of $13.09.This trade only has 4.35% downside protection, but the assigned return rate rises to 14.50% or an annualized rate of 56.92% (for comparison purposes only). The current 52-week low is $57.84 and the 52-week high is $86.14. Occidental Petroleum stock has been showing support around $83.24 and resistance in the $85.54 range. The stock closed May 15, 2018's trading session at $84.26.A

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