Urban Outfitters closed Wednesday’s trading session at $23.48. In the previous 12 months, the stock has hit a fifty two week low of $21.47 and fifty two week high of $39.26. Urban Outfitters stock has been displaying support around $23.01 and resistance in the $23.95 range.

Technical indicators for the stock are Bearish and S&P gives Urban Outfitters a neutral 3 stars (out of 5) hold rating. For a hedged play on Urban Outfitters, consider the Jan 2012 $21.00 covered call for a net debit in the $19.88 area. That’s also the break even stock price for this particular trade.

This covered call has a duration of ninety three days, gives you 15.33% downside protection and an assigned return rate of 5.63% for an annualized return rate of 22.11% (for comparison purposes only). Urban Outfitters has a current trailing average dividend yield of 0%.