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Occidental Petroleum (OXY) Trading Near $71.34 Support Level

Nov 09, 2018 ( via COMTEX) --

For a hedged play on Occidental Petroleum (<a href="">OXY</a>) MarketIntelligenceCenter.comaEUR(TM)s algorithms selected the Dec 21, 2018 $72.50 covered call for a net debit in the $70.25 area. That is also the break-even stock price for the covered call. This trade will return 3.18%, or 27.70% annualized (for comparison purposes only), in 42 days. This covered call also provides 3.26% 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 17, 2020 $50 call and the same sold call for a net debit of $20.82.This trade only has 2.47% downside protection, but the assigned return rate rises to A8.01% or an annualized rate of 69.67% (for comparison purposes only). The current 52-week low is $62.47 and the 52-week high is $87.67. Occidental Petroleum stock has been showing support around $71.34 and resistance in the $74.49 range. The stock closed Nov 8, 2018's trading session at $72.62. Technical indicators for the stock are bearish and S&P gives OXY a 3 STARS (out of 5) hold ranking.

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