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Reliance Steel and Aluminum (RS) Could Fall Through $45.17 Support Level
Edited by : AL CIRCLE
1 min read
Reliance Steel and Aluminum (NYSE:RS) closed Friday's frenetic trading session at $47.01. In the past year, the stock has hit a 52-week low of $34.58 and 52-week high of $60.60. Reliance Steel and Aluminum (RS) stock has been showing support around $45.17 and resistance in the $48.27 range. Technical indicators for the stock are Bearish and S&P gives Reliance Steel and Aluminum (RS) a very positive 5 STARS (out of 5) strong buy rating. For a hedged play on Reliance Steel and Aluminum (RS), look at the Dec '11 $47.00 covered call for a net debit in the $43.11 area. That is also the break-even stock price for this trade. This covered call has a duration of 138 days, provides 8.30% downside protection and an assigned return rate of 9.02% for an annualized return rate of 23.87% (for comparison purposes only). Reliance Steel and Aluminum (RS) has a current annual dividend yield of 1.02%.
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