Reliance Steel and Aluminum (RS) Trading Near $57.11 Resistance Level

Reliance Steel & Aluminum Co (NYSE: RS) closed Friday's trading session at $55.86.

In the past year, the stock has hit a 52-week low of $34.58 and 52-week high of $59.95. Reliance Steel and Aluminum stock has been showing support around $54.65 and resistance in the $57.11 range. Technical indicators for the stock are Bullish and S&P gives RS a positive 4 STARS (out of 5) buy rating.

For a hedged play on this stock, look at the Jun '11 $55.00 covered call for a net debit in the $51.26 area.

That is also the break-even stock price for this trade. This covered call has a duration of 103 days, provides 8.23% downside protection and an assigned return rate of 7.30% for an annualized return rate of 25.86% (for comparison purposes only).

Reliance Steel and Aluminum has a current annual dividend yield of 0.89%.