Aluminum Corp of China （NYSE: ACH） closed Monday's trading session at $23.00. In the past year, the stock has hit a 52-week low of $18.03 and 52-week high of $34.27. Aluminum Corporation of China stock has been showing support around $22.39 and resistance in the $23.63 range. Technical indicators for the stock are Bearish. For a hedged play on this stock, look at the Feb '11 $22.00 covered call for a net debit in the $21.00 area. That is also the break-even stock price for this trade. This covered call has a duration of 88 days, provides 8.70% downside protection and an assigned return rate of 4.76% for an annualized return rate of 19.75% （for comparison purposes only）. A lower-cost hedged play for this stock would use a longer term call option in place of the covered call stock purchase. To use this strategy look at going long the ACH Jan '12 $15.00 call and selling the Feb '11 $22.00 call for a total debit of $6.55. The trade has a lifespan of 88 days and would provide 6.30% downside protection and an assigned return rate of 6.87% for an annualized return rate of 28% （for comparison purposes only）. Aluminum Corporation of China does not pay dividends at this time
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