Stock of the day: CME Group

By Tomasz Wisniewski|

Published: September 19 2022, 09:05 GMT+0

Stock of the day: CME Group

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Last week was pretty terrible for stocks. Most of them declined sharply. The start of the week doesn’t look good either. Perspectives are also pretty gloomy. Taking all of this into account, it’s quite reasonable to look for bearish trading occasions and of course we have one – on CME Group.

Since May, CME was inside of the symmetric triangle pattern (black). The symmetric triangle ended last week, with a breakout to the downside. In addition to the breakout of the lower line of this pattern, CME broke a horizontal support on the 194.5 USD (yellow). In my opinion, that seals the bearish deal.

As for the target, the next one is on the 187.5 USD (orange). We’re not far, so the chances that we’ll get there are very high. If there’s a breakout in the orange area, the situation could get really nasty.

An alternative view is the price coming back inside of the triangle. That would be bullish but chances for that are now limited.

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