Dow Chemical ( NYSE: DOW ) closed yesterday at $34.64. So far the stock has hit a 52-week low of $34.57 and 52-week high of $47.96. Dow Chemical stock has been showing support around 33.36 and resistance in the 37.06 range. Technical indicators for the stock are Bearish and S&P gives DOW a neutral 3 STAR (out of 5) hold rating. For a hedged play on this stock, look at a Jun '08 30 covered call (DOW FF) for a net debit in the $28.74 area. That is also the break even stock price for this trade. This covered call has a 155 day duration, provides 17.03% downside protection and a 4.38% assigned return rate for a 10.32% annualized return rate (comparison purposes only). Dow Chemical has a current annual dividend yield of 4.70%. [IHF - Investors Observer]