Cincinnati Financial CorporationPembelian
CINF: A Good Pullback Trading Opportunity
-INTRODUCTION-
Cincinnati Financial Corporation has been moving in an ascending channel since 2020 summer after its recovery from the pandemic economic shock. Last month, the price has reached a new high at the $142.50 level. After reaching a new high, the price retraced and retested the suport level of $120. From the support level, the price has formed a potential double top pattern, making a neckline area at around the $126 level.
-TRADING PLAN-
The price has reached a new high; therefore, we will plan to buy the pullback. Currently, we are watching for a breakout from the neckline of the double bottom pattern. After a clear breakout, we will place our buy limit orders at the neckline level to capture the retest. Our buy target is set at the previous high of $142.50 level.
Check out our previous trend-following stock trading ideas below :)
Cincinnati Financial Corporation has been moving in an ascending channel since 2020 summer after its recovery from the pandemic economic shock. Last month, the price has reached a new high at the $142.50 level. After reaching a new high, the price retraced and retested the suport level of $120. From the support level, the price has formed a potential double top pattern, making a neckline area at around the $126 level.
-TRADING PLAN-
The price has reached a new high; therefore, we will plan to buy the pullback. Currently, we are watching for a breakout from the neckline of the double bottom pattern. After a clear breakout, we will place our buy limit orders at the neckline level to capture the retest. Our buy target is set at the previous high of $142.50 level.
Check out our previous trend-following stock trading ideas below :)
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Publikasi terkait
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.