Silgan Holdings Inc. (SLGN) In Tight Support/Resistance Range With Bullish Technicals

Silgan Holdings Inc. (NasdaqNM: SLGN) closed yesterday at $54.97. So far the stock has hit a 52-week low of $40.06 and 52-week high of $57.41. Silgan Holdings stock has been showing support around 53.73 and resistance in the 56.47 range. Technical indicators for the stock are Bullish and S&P gives SLGN a neutral 3 STAR (out of 5) hold rating. SLGN appears on the Investors Observer Hedged Dividend Income list. For a hedged play on this stock, look at a Feb '10 50 covered call (EQD BJ) for a net debit in the $48.67 area. That is also the break even stock price for this trade. This covered call has a 107 day duration, provides 11.46% downside protection and a 2.73% assigned return rate for a 9.32% annualized return rate (comparison purposes only). Silgan Holdings has a current annual dividend yield of 1.40%.

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