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Occidental Petroleum (OXY) Showing Resistance Near $66.86

Mar 07, 2018 ( via COMTEX) --

For a hedged play on Occidental Petroleum (<a href="">OXY</a>) MarketIntelligenceCenter.comaEUR(TM)s patented trade-picking algorithms selected a Apr 20, 2018 $65 covered call for a net debit in the $63.68 area. That is also the break-even stock price for the covered call. This trade will return 2.05%, or 17.06% annualized (for comparison purposes only), in 44 days. This covered call also provides 3% 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 $50 call and the same sold call for a net debit of $14.17.This trade only has 2.25% downside protection, but the assigned return rate rises to 5.78% or an annualized rate of 47.97% (for comparison purposes only). The current 52-week low is $57.20 and the 52-week high is $78.09. Occidental Petroleum stock has been showing support around $64.96 and resistance in the $66.86 range. The stock closed Mar 6, 2018's trading session at $65.66.A

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