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Schnitzer Steel Industries (SCHN) Showing Bearish Technicals With Resistance At $33.62

Feb 09, 2018 (Marketintelligencecenter.com via COMTEX) --

MarketIntelligenceCenter.com's patented trade-picking algorithms have identified an attractive covered-call trade on Schnitzer Steel Industries (<a href="http://www.marketintelligencecenter.com/symbol/SCHN">SCHN</a>). Look at the May 18, 2018 $31 covered call for a net debit in the $28.75 area.<br /> <br /> This trade has a duration of 98 days. The break-even point of this trade is the same as the net debit, which gives this trade 11.12% downside protection. If the stock closes at or above $31 at expiration this trade will return 7.82% or 29.14% (for comparison purposes only). <br /> <br /> SCHN closed Feb 8, 2018's trading session at $32.34. In the past year, the stock has hit a 52-week low of $17.50 and 52-week high of $38.85. Schnitzer Steel Industries stock has been showing support around $31.72 and resistance in the $33.62 range. Recent technical indicators for the stock are bearish.

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