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China Petroleum and Chemcial (SNP) Trading Near $75 Support Level

Feb 09, 2018 ( via COMTEX) --

For a hedged play on China Petroleum and Chemcial (<a href="">SNP</a>), MarketIntelligenceCenter.comaEUR(TM)s option-trade picking algorithms recommend the Mar 16, 2018 $75 covered call for a net debit in the $73.09 area. That is also the break-even stock price for the covered call. This trade will return 2.61%, or 27.25% annualized (for comparison purposes only), in 35 days. This covered call also provides 5.79% downside protection. The current 52-week low is $69.60 and the 52-week high is $89.68. China Petroleum and Chemcial stock has been showing support around $75 and resistance in the $82.72 range. The stock closed Feb 8, 2018's trading session at $77.58.A

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