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Potential China Petroleum and Chemcial (SNP) Trade Could Hit 2.42% Return

Nov 09, 2017 (Marketintelligencecenter.com via COMTEX) --

MarketIntelligenceCenter.com's patented trade-picking algorithms have identified an attractive covered-call trade on China Petroleum and Chemcial (<a href="http://www.marketintelligencecenter.com/symbol/SNP">SNP</a>). Look at the Apr 20, 2018 $70 covered call for a net debit in the $68.34 area.<br /> <br /> This trade has a duration of 162 days. The break-even point of this trade is the same as the net debit, which gives this trade 8.68% downside protection. If the stock closes at or above $70 at expiration this trade will return 2.42% or 5.47% (for comparison purposes only). <br /> <br /> SNP closed Nov 8, 2017's trading session at $74.83. In the past year, the stock has hit a 52-week low of $67.82 and 52-week high of $84.88. China Petroleum and Chemcial stock has been showing support around $74.31 and resistance in the $75.57 range. Recent technical indicators for the stock are bearish.

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