Ivanhoe Mines (IVN) Showing Bearish Technicals But Could Break Through $24.22 Resistance

Ivanhoe Mines (NYSE: IVN) closed Monday's trading session at $23.79. In the past year, the stock has hit a 52-week low of $12.15 and 52-week high of $30.03. Ivanhoe Mines stock has been showing support around $23.42 and resistance in the $24.22 range. Technical indicators for the stock are Bearish. For a hedged play on this stock, look at the Mar '11 $22.00 covered call for a net debit in the $21.09 area. That is also the break-even stock price for this trade. This covered call has a duration of 67 days, provides 11.35% downside protection and an assigned return rate of 4.31% for an annualized return rate of 23.51% (for comparison purposes only). Ivanhoe Mines does not pay dividends at this time. [ATU-Seven Summits Research]