Cemex (CX) breaks through key support levels

CX Cemex driving through cement short swing tradeStock: Cemex (CX)

Long or Short: Short

Entry: 10.20

Stop-Loss: 10.56

Chart: Cemex (CX) Daily

cemex swing trade short CX

Reason for Trade: While the market may be trying to make up for lost gains today, the price action is clearly bearish in the market for now. Like we talked about last week, expect today to be just another dead cat bounce until proven otherwise.

Of all the shorts in the portfolio, I think CX has the most potential to pick up some major gains if the acceleration in this market to the downside picks up again. There are gaps to fill and not much support below to catch this stock from falling. 

 

You Might Like

  • Fading the Gap: How Large Overnight Moves in SPY and QQQ Play Out During the Trading Day

  • How to Trade a Bear Flag

  • Technical Analysis vs Market Conditions: How to Know What’s Affecting Your Trades