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Occidental Petroleum (OXY) Showing Support Near $59.98

Sep 13, 2017 ( via COMTEX) --

After Sep 12, 2017aEUR(TM)s trading in Occidental Petroleum (<a href="">OXY</a>)'s patented algorithms uncovered a trade that offers a 2.95% return or 16.57% on an annualized basis (for comparison purposes only), while providing 4.11% downside protection. The trade is a Nov 17, 2017 covered call at the $60 level for a net debit of about $58.28. The net debit is also the breakeven point for this trade. For a higher return, consider buying a longer-term call option, like the Jan 18, 2019 at the $47.50 level. By buying the call for $14.15 instead of paying about $60.77 for the stock, the assigned return rate for this alternate trade is 7.29%, but the stock has to finish above $59.14 when the sold call expires for this trade to be profitable. Standard & PooraEUR(TM)s has a 3 STARS (out of 5) hold ranking on Occidental Petroleum. Technical indicators for the stock have been bearish and support and resistance have been in the area of $59.98 and $61.38, respectively.

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