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Potential China Petroleum and Chemcial (SNP) Trade Has 2.97% Downside Protection

May 19, 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 Jul 21, 2017 $80 covered call for a net debit in the $78.17 area.<br /> <br /> This trade has a duration of 63 days. The break-even point of this trade is the same as the net debit, which gives this trade 2.97% downside protection. If the stock closes at or above $80 at expiration this trade will return 2.32% or 13.48% (for comparison purposes only). <br /> <br /> SNP closed May 18, 2017's trading session at $80.58. In the past year, the stock has hit a 52-week low of $64.99 and 52-week high of $84.88. China Petroleum and Chemcial stock has been showing support around $79.55 and resistance in the $81.49 range. Recent technical indicators for the stock are bearish.

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