Cnooc (NYSE:CEO) closed Friday's bullish trading session at $187.76. In the past year, the stock has hit a 52-week low of $168.27 and 52-week high of $271.94. Cnooc (CEO) stock has been showing support around $178.11 and resistance in the $192.83 range. Technical indicators for the stock are Bearish and S&P gives Cnooc (CEO) a neutral 3 STARS (out of 5) hold rating. For a hedged play on Cnooc (CEO), look at the Oct '11 $190.00 covered call for a net debit in the $178.36 area. That is also the break-even stock price for this trade. This covered call has a duration of 54 days, provides 5.01% downside protection and an assigned return rate of 6.53% for an annualized return rate of 44.11% (for comparison purposes only). Cnooc (CEO) has a current annual dividend yield of 2.85%. [ATU-Seven Summits Research]