19 AUGUST 2011marketintelligencecenter
Reliance Steel and Aluminum (RS) Showing Bearish Technicals With Support At $39.33
Edited by : AL CIRCLE
1 min read
Reliance Steel and Aluminum (NYSE:RS) closed Wednesday's choppy trading session at $40.34. 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 $39.33 and resistance in the $41.95 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 $40.00 covered call for a net debit in the $36.34 area. That is also the break-even stock price for this trade. This covered call has a duration of 121 days, provides 9.92% downside protection and an assigned return rate of 10.07% for an annualized return rate of 30.38% (for comparison purposes only). Reliance Steel and Aluminum (RS) has a current annual dividend yield of 1.16%.
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