@tradeless No, Shares doesn't need to be pledged. You just need to have the shares on the account. I don't think, someone's going to exercise the call until the expiration. You can practice this strategy on Frontpage manually if you like.
Yes, you need to buy the exact quantity of the underlying asset (shares) which you're looking to sell the call lot size to execute the Covered Call strategy, moreover you may buy a collar for more safety if it requires.
This stock is in downtrend and the recent bulls are not that strong enough, maybe it retraces a little bit then fall again, unless a big money comes into play
No one can predict the market, but there is some possibility that with the help of studying the market behavior one can predict the probable move of the market but it is not guaranteed always. The market is driven through the emotions of buyers and sellers.